Half of landlords now taking out rental guarantee insurance

Tuesday 21st February 2012

Insurance firm Let Alliance has reported a big increase in the sales of rent guarantee policies during the last six months.

The increase in demand for rent guarantee protection has resulted in Let Alliance providing cover in 49% of the total reference transactions completed. This is an increase of 39% during the last six months.
 
Now at the end of its first full year of trading, Let Alliance says it has 251 letting agents completing references with them every day.

The increase in rent guarantee sales is predominantly down to concerns over rent increases and tenants’ job security.

Paul Pearce, sales director at Let Alliance, said: “Letting agents are making sure that they protect their landlords income more often than we expected.”

Let Alliance has also agreed a distribution deal with Personal Touch Financial Services, providing their 1,500 brokers and independent financial advisers with specialist landlord insurance products.
 
Let Alliance is also beefing up its sales team with the appointment of  Oliver Sherlock, who will be joining from HomeLet.

Andy Halstead, former chief executive of Erinacious Insurance Services – now Barbon –  which owned HomeLet, and who went on to found Let Alliance, said: “Our first full year has been an outstanding success and we have outperformed all expectations.

“By the end of this year we plan to be working with 1,000 letting agents.”