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Product update: LV=Broker Rainbow

Source insurance product news

Product update: LV=Broker Rainbow

From Thursday 29th April 2021 the Legal & General Rainbow Home and Landlord Insurance products on our panel will be replaced by new LV= Broker products.

This is due to the acquisition of Fairmead Insurance Ltd (formerly L&G) by LV=’s parent company, Allianz (read more here).

The new LV=Broker Rainbow Home Insurance product will be similarly priced to L&G Rainbow Home Insurance with a few enhancements.

We have created a quick comparison table so you can see the difference between the two products.

Legal & General
Rainbow
 Home Insurance

LV= Broker
Rainbow
 Home Insurance

Buildings sum insured limits 

Bedroom rated £800,000

Bedroom rated £1,000,000 

Loss of rent and alternative accommodation

£50,000 

£200,000 

Trace and access (costs involved in tracing a leak) 

£5,000 

£10,000 

Contents sum insured limits 

£50,000

£100,000

Escape of Water Excess (Minimum) 

£250 

£250 

Valuables Limit 

33% of the Contents Sum Insured or £14,000 whichever is higher 

40% of Contents Sum Insured (£20,000 limit for specified valuables)

SAL (Single Article Limit) 

 

5% of the contents sum insured or £2,000 whichever is higher 

£5,000 

Contents in Garages 

£6,000 

£10,000 

Pedal cycles (within the home) 

Covered under contents.  
Garage: £6,000  
Outbuildings: £6,000 
In the open: No cover 

Covered under contents.
Garage (theft): £6,000
Outbuildings (theft): £6,000
In the open: No cover

What about existing L&G Rainbow Home / Landlord quotes? 

As instructed by the insurer, any existing L&G quotes will only be valid up until Wednesday 30th June 2021.

Any L&G quotes outstanding after this date will be automatically removed from your account and you will need to requote to the new product.  

Requoting is quick and easy and should take less than 30 seconds. 

If you do have any questions, please contact our Broker Support Team on 02920 265 265 or your Regional Sales Manager. 

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