Legal & General has launched Simply Home Insurance, a new lower cost alternative to its existing home insurance product offering, Home Insurance Choices, sold through its intermediary channel.

Simply Home Insurance offers some reduced features and benefits compared to Legal & General’s existing 5 star Defaqto rated Home Insurance Choices product and is aimed at customers who want the option of less cover for a lower premium. As with Home Insurance Choices, Simply Home Insurance insures against major events such as fire, flood, escape of water, storm and theft and includes less cover in return for lower premiums.

L&G believes adding Simply Home Insurance to their portfolio will allow advisers to tap into new markets and capitalise on the opportunities these bring. Accounting for nearly 21% of lending in the final quarter of 2015, the first-time buyer market in particular holds potential for sales of this product.

Steve Bryan, director of intermediary at L&G, said: “Our new Simply Home Insurance product marks a pivotal development that provides customers with an alternative to our existing Home Insurance Choices product. It will suit those who’d prefer less cover in return for lower premiums. It also provides advisers with an excellent opportunity to expand their client base, reaching younger homeowners and first-time buyers.

“We’re confident that Simply Home Insurance could serve as an ‘icebreaker’ product for advisers, providing a new opportunity to engage with clients and explore other areas of cover such as short or long term income protection, term assurance and critical illness Cover as well as additional protection needs.”