Manchester-based specialist insurer Financial & Legal Insurance (FLI) has partnered with insurance provider Legal Protection Group (LPG) to offer landlords a suite of products amid the challenges and changes within the private rental sector.
“The financial difficulties faced by tenants during the pandemic, as well as changes to tax and other regulations, mean landlords have been through a difficult period,” FLI managing director Karen Beales (pictured) said in an emailed release.
“Some insurance underwriters have left this market altogether, but we see a real opportunity to work with LPG and deliver a profitable insurance solution with strong customer appeal in this sector.”
The partnership’s proposition features legal expenses cover for issues such as tenants abusing properties; rental guarantee for when tenants fall into arrears; and home emergencies for perils like escape of water.
“Landlords cover has been in the news recently in the wake of significant premium increases and an announcement earlier this year from Secretary of State Michael Gove that the government is looking to end ‘unusually high broker commissions’,” noted LPG chief executive Martin Rowan.
“Our products help to redress the balance to give BTLLs (buy-to-let landlords) a fighting chance in the new world they face.
“FLI has a great reputation in the LEI (legal expenses insurance) space, and we are thrilled to be part of their plans to go beyond LEI into landlords protection at a time when demand for these products is bound to rise.”
Legal changes in the sector include the abolition of no-fault evictions.
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