To help protect the financial well-being of landlords and tenants we’ve continued our expansion into the lettings market with the launch of a new Tenants Contents Insurance product.
Underwritten by a panel of cherry-picked insurers and specifically designed with tenants in mind, cover includes:
• Valuables - protection from a variety of risks and events to which your client’s possessions may be exposed.
• Alternative accommodation - including pet accommodation fees, if the tenant’s home is made uninhabitable due to an insured event, up to a maximum of £10,000.
• Tenant’s home improvements – If the tenant is responsible for the damage under the terms of the tenancy agreement, we’ll pay for the loss or damage to the fixtures and fittings, up to £1,000.
• Visitor belongings – cover up to £1,000 for loss or damage to visitor belongings.
• Tenants Liability - up to £10,000 for Accidental damage to the landlord’s home, garden or property including fixtures and fittings which the tenant is legally responsible for.
• Standard level of Accidental Damage – protects against accidental damage to televisions, video and audio installations, computer equipment and games consoles
Tenants can choose cover from £10,000 up to £50,000 with the option to choose a £0 excess.
The policy also includes an auto-rebroke function which could search our panel of insurers at renewal for the cheapest available premium.
James Loder, Paymentshield’s Proposition Director, says: “At Paymentshield, we’ve unrivalled experience of working with insurers and specialist audiences to develop products and technology that deliver a market leading insurance experience. By taking our expertise to the lettings market, we’re helping to protect the financial well-being of landlords and tenants.”
“Rental property has become an important housing tenure, providing homes for millions and people are increasingly living in rented accommodation for as long as an average mortgage term…many people in this situation have never spoken to a financial adviser or considered protection for their own contents and their landlords’ fixtures and fittings, so risk exposure to significant financial loss if their possessions were to be damaged or stolen.”
Learn more about our new Tenants Contents product.