22:54 PM, 4th September 2016, About 5 years ago 1
Rent To Rent Insurance has been incredibly difficult if not impossible to place until now. To a great extent this is because insurance underwriters have struggled to source sufficient data to establish risk profiles. However, the success of AirBNB and similar websites has resulted in enough comparable risk information becoming available.
Based on high demand for the product, and as the Rent To Rent business model continues to evolve, our insurance partners have managed to persuade a panel of insurance underwriters to create what is believed to be the first bespoke Rent To Rent insurance product. It will be branded as “Sublet Insurance” and cover is available immediately. Promotional documentation will be available within the next few weeks but quotes are available as of today and policies can take immediate effect.
Property owners who have let their properties to a guaranteed rent provider may well find that their existing landlord insurance is null and void due to the property being sublet. If the property was to burn to the ground their existing insurance probably wouldn’t pay out. Also, if their mortgage lender realised the property was not fully insured they could call in their loan, leaving both the owner and the rent to rent provider in a very awkward position indeed.
We are urging all Rent To Rent operators and any property owner who has rented a property to a guaranteed rent provider or Rent To Rent operator to register their interest in this product. As soon as the promotional information is available we will send it to all who have registered their interest by completing the form below.
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