Financial & Legal Insurance has announced a new partnership with Legal Protection Group to grow its presence in the private rental sector, which it claims accounts for 19% of all UK households.
LPG will distribute products manufactured by FLI and underwritten by FLI’s own insurance company, offering a range of protection for the sorts of challenges facing landlords, including:
Legal expenses, for dealing with issues such as tenants abusing the property or acting in an anti-social way
Rent guarantee, which provides rental income if tenants fall into arrears Home emergencies for perils such as escape of water in the property.
Karen Beales, managing director at FLI, said: “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.”
She said: “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.”
Beales added that the launch aligned to FLI’s longer-term strategy to diversify beyond legal expenses insurance, for which it is most well known: “We have worked hard to ensure our home product meets the emerging requirements of the marketplace, in particular the importance of being fully compliant.
“The partnership signals our longer-term strategy to build on our reputation for providing LEI solutions and grow through a portfolio of products.”
Martin Rowan, CEO of Legal Protection Group, said: “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’.
“Our products help to redress the balance to give BTLLs a fighting chance in the new world they face. FLI has a great reputation in the LEI 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.”
“It is a challenging sector, particularly in the wake of Grenfell and subsequent government and regulatory policy actions, so we’re pleased we’re able to help provide peace of mind to landlords with a suite of market-leading products.”
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