General insurance provider Paymentshield has appointed MGA and underwriter Arkel to its landlord insurance panel.
The addition aims to increase Paymentshield’s ability to service landlords who are operating as limited companies, a segment of the market in which Paymentshield has identified growing demand. It also includes cover for landlords renting to students, typically deemed by underwriters as posing higher risk for accidental damage, theft and malicious damage.
The partnership also comes at a time when the incoming Renters Rights Act strengthens protection for tenants, but may cause concern for landlords and a potential increase in financial burden.
With the abolition of section 21 evictions and all tenancies now becoming periodic, tenants can remain in the property for longer, and the grounds for eviction are stricter. In cases of problematic tenants, it could mean opportunities for malicious damage are also prolonged.
The changes to the law may also mean a greater demand for legal services, such as mediation and service of notices, to evict a tenant who breaches their tenancy agreement.
"This new addition to our landlord insurance panel comes at the beginning of what’s set to be a year of big change for landlords," Nasar Hussain, associate director intermediated household at Paymentshield, said.
He added: "With the Renters Rights Act being rolled out in May, it’s now more important than ever for landlords to have the peace of mind of quality insurance to protect their property.
"We’re planning to further expand our landlord insurance panel over the coming months to enhance our offering by introducing new additional capabilities. We carry out extensive due diligence on all our insurance partners, which means our policyholders can be confident they are getting products designed to support them when it matters most."
