The insurer has increased building cover to £1m and will now accept properties that have been unoccupied for more than 90 days or are undergoing renovations at the beginning of the contract.
It has also made a series of changes to contents coverage and will insure asylum seekers as standard.
Three new add-on products have been launched to cater for most eventualities, it added – Legal Expenses, Landlords Emergency and Rent Guarantee.
Paymentshield sales director James Watson (pictured) said: “We’ve made several changes to our Landlord product to bring it right up to the level of our home insurance product, and to a level that advisers can be proud to recommend to their clients.
“There has been a simplification of the product to make things much easier for the adviser and to ensure that the end customer is properly protected.”
