Lettings insurance specialist HomeLet has developed a brand new insurance product which will strengthen the company’s position as the UK’s principal provider of referencing, Rent Guarantee and insurance solutions to the lettings industry.
Landlord’s Insurance+, which includes buildings and contents insurance, will be launched this month (December) and offers an unparalleled level of cover including Emergency Assistance and up to £500,000 of buildings cover as standard.
In addition the new policy covers loss of rent or re-letting costs following a claim, so if something serious happens and the tenant needs to move out, lost rent is covered for up to two years (or £50,000) so the landlord can still pay his mortgage or meet other financial commitments.
The introduction of this latest product follows the launch of HomeLet’s hugely successful Tenant’s Contents Insurance + policy. Since the introduction of this new policy sales of tenant’s contents insurance have more than doubled in 2009 – an increase of 121%.
Managing Director John Boyle is anticipating Landlord’s Insurance+ will have the same effect.
“Landlords, particularly in today’s economy when unemployment and crime are both on the increase, are exposed to more risks than ever before. There’s a real need for a specialist insurance policy that covers landlords against the potential risk that they face. HomeLet’s Landlord’s Insurance+ is our most comprehensive and competitively priced landlord’s product to date.”
He continued: “It’s unlike anything else currently available on the market. One of the many benefits for example is automatic cover for kitchen fixtures and fittings and bathroom sanitaryware in leasehold properties within the contents section of cover.”
Unfortunately many landlords currently don’t have adequate protection or don’t have specialist landlord’s insurance at all and are under the impression that a standard insurance policy will provide them with the cover they need.
In reality the risks associated with let properties are significantly different to owner-occupied properties. For instance, if a tenant or an employee injured themselves in a landlord’s property and the landlord was found to be negligent, he could be facing a very hefty fine which his standard buildings insurance policy may not cover.
However, HomeLet’s Landlord’s Building Insurance protects landlords, tenants and employees such as cleaners or gardeners with £5 million property owner’s liability and £10 million employer’s liability.
John added: “When it comes to taking risk out of property rental, HomeLet is the specialist. We’ve been in the industry since the birth of buy-to-let, which means we have more experience than anyone else. We’ve used our specialist knowledge of the residential lettings industry to develop some of the most comprehensive and cost-effective products on the market today which is why we’re number one.”
HomeLet’s new product is available through its network of approved letting agents
HomeLet is the UK’s largest tenant referencing, Rent Guarantee and specialist insurance provider for the lettings industry and has around 4,000 approved letting agents nationwide.
HomeLet pays out an average £3m in Rent Guarantee claims every year.
HomeLet is proud to announce it is a main sponsor of the Estate Agent and Letting Agent of the Year Awards 2010.
HomeLet is a trading name of Barbon Insurance Group Limited which is authorised and regulated by the Financial Services Authority. Registered in England number 3135797. Registered office address: 4-9 Highview, High Street, Bordon, Hampshire GU35 0AX.
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