Tenant concierge service Tenant Shop is linking with Legal & General to offer insurance products across the private rental sector.
Tenant Shop is going to offer Life Insurance, Critical Illness Cover, Income Protection and a new Rental Protection Plan.
Tenant Shop claims this diversification allows letting agents “to significantly increase their revenue without they themselves being FCA regulated” as Tenant Shop itself is a regulated company.
It recently expanded its in-house product offering with its own credit referencing service.
“Nearly a quarter of UK households will be renting by 2023 and the protection needs of these families will need to be met by products and solutions specifically designed for them” claims Craig Brown, intermediary director at Legal & General.
“First-time buyers usually receive a protection ‘nudge’ when they seek mortgage advice, but most renters do not benefit from the same prompt. This leaves tenants facing a greater risk of vulnerability due to unforeseen circumstances” he continues.