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Paymentshield extends validity period for home insurance quotes on new properties

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  • 11/06/2018
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Paymentshield extends validity period for home insurance quotes on new properties
Paymentshield, confirmed it has extended the validity period for home insurance quotes on new build properties to 180 from 120 days, following feedback from brokers.

 

This extension has aligned Paymentshield with other new build mortgage lenders, making sure the brokers can offer simultaneous mortgage and insurance advice to clients buying a new build property.

“Paymentshield’s new build quote validity period is now one of the lengthiest in the industry and is a direct result of feedback from brokers who wanted an easier way of advising on general insurance to clients buying a new home,” James Loder, proposition director at Paymentshield, said.

“The reality of new build is that buyers will often purchase a home off-plan, months before the building work is completed and, while many mortgage lenders have recognised this and extended their offer period, brokers would often have to requote on insurance as the quote had expired before the client completed the purchase.

“Now it is possible for brokers to offer an insurance quote on a new build property with the same validity as the mortgage offer. We think this will enable advisers to feel more confident about discussing home insurance with their new build clients at the beginning of the mortgage process, ensuring their clients are properly protected, every time,” he added.

The extension applies to all members of Paymentshield’s panel of insurers including Allianz, Zurich AXA and RSA.

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