Aims for £3m in premiums in first year
Fortis has launched House Guard Prestige, its new home insurance product for the mid-net-worth market. House Guard Prestige will be sold through the intermediary channel, specifically targeting the 1.3 million homeowners (12.5 per cent of the market) who require a higher level of household cover than that offered by standard products.
The new product has a maximum claims limit of £150,000 for contents (compared to £80,000 for its standard product, House Guard Extra) and £1 million for buildings (compared to £500,000) and will automatically offer £5,000 of worldwide cover for personal belongings, money, credit cards and pedal cycles. All elements of Fortis’ House Guard Extra product have been included, with many limits increased as part of this specialist proposition.
Additional product highlights include: House Guard Prestige’s hole-in-one golf cover which guarantees cover for customers celebratory post-game clubhouse bar bill (up to £500) in the event of hitting a hole-in-one. And for the art lover, House Guard Prestige offers 20 per cent of the maximum claim for contents.
Adam Clarke, Underwriting Director at Fortis said: "We have a good two-way dialogue with our brokers and have developed or enhanced a number of products by listening to what they tell us they need; House Guard Prestige is a prime example of this approach. Brokers told us that House Guard Extra is highly rated but they also wanted a product with higher limits to sell to their mid-net-worth customers. With House Guard Prestige we believe we have delivered a high quality product, supported by a claims service that is recognised as one of the best in the industry.
“Part of our strategy is to look for ways to support our brokers by broadening our product offering sold through the broker channel. The mid-net-worth market is worth 1.3 billion so there is huge potential in this market and it’s Fortis’ aim to sell £3 million worth of policies in the first year.”
