A new program has been launched by Lloyds TSB Insurance. It takes the form of a buildings and contents plan specially geared for their customers over the age of 50 who wishes for a bare bones plan with any undesired extras.

The decision to form "The Personal Home Plan" was based off a recent study that found as many as 40% of homeowners over 50 would like a program meant just for their own special needs. The study also showed that 64% questioned felt that their payments were unfairly subsidizing the plans of other members.

The new policy will be tailored to the more financially inclined policyholders who don’t want a pre-built package. Only fire, flood, subsidence and theft will be included in the basic form. From there they can choose from 21 options for their policy.

These options vary greatly. They may choose £15,000 of protection for anything kept in exterior buildings, such as a shed or garage. It is even possible to have a matching items rider, which allows them to claim coverage for a full set of items if one is stolen or damaged.

There is one last bonus. Anyone who doesn’t file a claim for ten years will be able to gain a 50% discount that can be protected from then on.