DEMAND FOR INSURANCE DOUBLES

Thanks to the launch of its new Tenants Contents Insurance + product and
increased demand, HomeLet has managed to double the number of policies sold
in just six months.

What’s more, since 2006 HomeLet has referenced over 1 million tenants,
proving it is still the market-leading provider of specialist insurance
products and services to the UK lettings industry.

In September 2009 HomeLet sold over double the amount of tenants contents
insurance policies when compared to January 2009, with an increase of 121
per cent.

This increase indicates that tenants, who have tended to overlook buying
tenants contents insurance in the past, are seeing renting as a more
long-term commitment rather than a temporary stop gap.

Also, since the onset of the recession and the resulting increase in the
cost of living and rise in unemployment, the number of burglaries has also
gone up. Tenants, who are feeling the pinch along with everyone else, have
become more aware of the value of their possessions and the cost of
replacing them.

landlord insurance - specialist products - discounted

In June HomeLet launched Tenants Contents Insurance + which is designed
specifically to protect tenants against the potential risks of renting a
property.

As well as being competitively priced, the new product still provides
specialist cover that protects the tenant’s deposit by providing cover for
accidental damage to the landlord’s contents, building, fixtures and
fittings up to the value of £2,500.

Tenants Contents Insurance + also covers the policyholder and two additional
tenants who are named on the tenancy agreement, as long as they’re employed,
self employed or retired. This means that one policy can cover three tenants
saving money and making it ideal for sharers.

HomeLet’s Managing Director John Boyle said: “HomeLet has been providing
tenants contents insurance for over a decade and we’re constantly improving
the products that we provide to our customers to ensure that we stay ahead
of the market.

“We are delighted to have achieved a 121 per cent increase between January
and September 2009 and this is testament to our commitment to providing
comprehensive cover at competitive prices.”

New rent guarantee insurance launched

The National Landlords Association has launched ‘NLA rent guarantee insurance', an insurance package for landlords and helpline support specifically designed for NLA members who face increasing pressure from tenancy disputes and rental arrears.

Rent guarantee insurance - best rates

RGI has been developed for the NLA by specialist legal expenses provider Arc Legal Assistance through the NLA's insurance broker Hamilton Fraser Insurance.

According to the NLA, 1 in 3 landlords have tenants in rental arrears.

Paul Berwick, head of marketing, NLA said: "The level of these arrears is heavily influenced by the current economic climate. Many of our members are landlords with large property portfolios who are likely to face greater exposure to rent arrears."

Richard Finan, director of Arc Legal added: "This is a clear indication of how this sector of the landlord market has adapted its business model to provide more support and assistance in difficult financial times."

RGI covers six and twelve month tenancies and has been developed to complement the NLA's new tenant referencing service.

NLA members also have access to a specialist 24/7 technical legal helpline provided by Arc Legal's panel solicitors which sits alongside the NLA's in-house advice line for members.

This landlord insurance package extends Arc Legal's relationship with the NLA, which also provides professional fees and tenancy deposit protection cover to mydeposits, a joint venture between Hamilton Fraser and the NLA.

NLA launches rent guarantee insurance

Research from the National Landlords’ Association (NLA) indicates that almost three quarters of private residential landlords have experienced rent arrears, with 43% of this group reporting arrears being incurred in the last 12 months.

To offset this risk, the NLA has launched rent guarantee insurance with a policy that includes legal expenses cover and a dedicated 24-hour advisory service.

The new offering is available to all UK residential property landlords.

NLA chairman, David Salusbury, comments: “Landlords may not realise they can protect themselves against rental arrears, but our research clearly shows there is a need to safeguard your rental income.”

He adds: “Unfortunately we aren’t out the woods with the economy just yet, and thanks to redundancy and unemployment some tenants are struggling to pay their rent.”

'No deposit insurance' brings benefits for landlords and tenants

Paragon Landlord Insurance is promoting the “no deposit insurance", where a tenant pays a one-off premium for an insurance policy, instead of a large value monetary rental deposit.

This can help tenants such as student tenants who are struggling to access funds to pay for traditional, up front cash deposits combined with rents in advance.

This specialist landlord insurance facility enables a landlord to claim on the insurance policy if they need to claim back any losses that would usually of been paid out from the monies that formed a traditional rental deposit.

Quotes from landlord insurance brokers

Landlords should explain the insurance situation for students who are first time tenants

Landlords need to realise that many students are ignorant to the extent that a landlords insurance policy provides cover to them as tenants.

According to landlord insurance provider, Direct Line, most students wrongly presume that a landlords insurance will provide cover for them in the case of burglary.

Direct Line report that many tenants are shocked when they realise that their landlords insurance provides no cover for their belongings as tenants.

The landlord insurance broker recommends that landlords point this our top new student tenants, especially those who are renting for the first time.

Pet insurance suitable for landlord and tenants

Petpals Direct, the pet insurance specialist, has recently launched a new pet insurance policy that could make life easier for estate agents and letting agents across the UK.

Perfect for smoothing deal-breaking situations where a landlord is not as keen on pets as the potential tenant, TenantCare Cat and TenantCare Dog insurance from Petpals Direct can be taken out by the pet-owner to insure against property damage the pet may cause to the rented accommodation.

Designed specifically for tenants living with cats or dogs, it is the only product of its kind on the market. Not only does it insure against property damage caused by the pet, it also includes cover for common types of accident and illness.

With prices starting from just £5.17 per month for cat insurance, based on a six month old moggy living in Derby, or from £8.42 per month for dogs, based on a six month old Jack Russell living in Blackburn, the insurance offers a cost-effective way for tenants to secure the house of their dreams and cover expensive vet bills.

Tenant pet insurance from Petpals Direct offers peace of mind to tenants who are familiar with the high costs of moving. The policy allows tenants to claim £700 if there is damage caused by the pet during the first 36 months of occupancy, and £500 thereafter.

In addition to the property damage cover, there is also £1500 of vet fee cover for cats in a number of specific illness and accident categories.

These include: infectious diseases, cancer, feline lower urinary tract disease, feline asthma, diabetes mellitus, foreign body ingestion, bone fractures, defined poison ingestion, feline high-rise syndrome, bite wounds and bite wound abscesses, and burns. There is immediate cover with no waiting period, and no upper age limit. So, feline friends of all ages are welcome.

For dog insurance the limit for vet fees is £2000 per illness and accident category, which include: infectious diseases, cancer, digestive aliments, ear problems, heart disease, foreign body ingestion, bone fractures, defined poison ingestion, allergic reaction to insect bites, bite wounds and lacerations, burns and motor vehicle accidents. Again, there is immediate cover with no waiting period, and no upper age limit.

For quotations, terms and conditions, and full details of TenantCare Cat and TenantCare Dog, agents, tenants and landlords can contact Petpals Direct on 0800 328 9847 from 8am to 6pm Monday to Friday, by email enquiries@petpalsdirect.com, or at http://www.petpalsdirect.co.uk/