New insurance product for landlords with smaller portfolios launched
Date online: 06/05/2015
Combining buildings insurance with a range of optional add-ons such as contents insurance, accidental damage, malicious damage, emergency assistance and legal protection, the new proposition from Select & Protect gives intermediaries the flexibility to personalise cover to meet the individual needs of their landlord clients.
Distribution Director, Bruce Reid, comments: “With over 30 years’ experience in the general insurance intermediary market, we have a wealth of knowledge and understanding which we have channelled into developing this new product that we believe brings new benefits to our brokers and their landlord clients.”
He continues: “There continues to be an ever-increasing number of new landlords entering the residential lettings market, often looking to get a better return on their money than other investment vehicles can currently offer, alongside landlords adding to their existing rental property portfolios. We anticipate this sector will continue to attract more investors as the pension reforms announced by the Chancellor last year come into effect in April. For many, this will represent a sizeable portion of their life savings and so it is essential they protect their investment with the right insurance cover.”
Key features of this new specialist landlord insurance include:
• Buildings cover up to £1 million as standard
• Cover for up to five residential properties
• Cover for properties that remain unoccupied for up to 60 days
• Trace and access cover up to £5,000 included as standard
• Rent cover up to £80,000 or up to 24 months if the home cannot be lived in whilst repairs are made
• Cover options for accidental damage and malicious damage for either buildings or contents or both
• Flexible contents cover limits
• Claims managed by Select & Protect’s own UK-based claims team
Intermediaries will be able to source this new cover for their landlord clients from Select & Protect’s simple and quick quotation platform. It enables intermediaries to modify the policy and see the effect on the premium instantly, making it a fast and easy process to get a quote and confirm cover without waiting for underwriter approval.