Paymentshield has made changes to its landlord insurance product and revealed it will now carry a five-star Defaqto rating.

The new landlord cover now accepts landlord cases from limited companies, has increased buildings cover to £1 million and offers contents options of £10,000, £20,000, £30,000, £40,000 and £50,000.

Following feedback from industry partners and advisers, Paymentshield’s landlord insurance will now cover asylum seekers as standard. There are also three new add-on products – Legal Expenses, Landlords Emergency and Rent Guarantee – to complete the offering and cater for most eventualities.

Paymentshield has also removed inner limits, such as those for individual items or contents in the communal areas. It also now accepts policies for properties that have been unoccupied for more than 90 days, or are undergoing renovations at the beginning of the contract.

James Watson (pictured), sales director at Paymentshield, said: “In an ever-changing market, we continue to look for ways we can evolve our overall proposition and improve the experience for advisers and their clients.

“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.”