HomeLet launches new low cost option landlord’s protection

31st July 2003 

HomeLet, the market leader providing insurance and referencing services to UK letting agents, has launched a second landlord policy to sit alongside its very successful comprehensive landlord insurance policies.

The new policy is designed to cover the main risks associated with letting property for both private and professional landlords. Cover for buildings is available for all UK postcodes with premiums starting from £1.50 per £1,000 buildings sum insured. The low cost option covers loss of rent and re-letting costs following damage, as well
as public liability and accidents to domestic staff up to £5 million.

Michael Arnold, Business Strategy Director of HomeLet, said: "We have introduced this new policy so as to give landlords a choice as to the level of cover they wish to take and the premium that they pay.

"In a similar way to the choice provided by the airline industry where travellers can select either the low cost option or a full service airline, our new policy will appeal to landlords, who wish to accept reduced cover but pay less for it."

HomeLet launched the new policy to its business development managers at its national sales conference and managers are rolling it out to the company's network of some 6,000 letting agent partners.

Michael Arnold added: "The analogy of the airline industry suggests that there are opportunities for both premium and budget providers. We believe that sales of our comprehensive landlord insurance policy will continue to grow and that we will establish a new client base of landlords, who prefer the low cost option."

HomeLet is a member of the General Insurance Standards Council and the low cost
option is underwritten by Lloyds Underwriters.

Notes: HomeLet is a trading name of Hanover Park Services PLC, a fully owned subsidiary of the Erinaceous Group plc, which is a one-stop shop property services group operating in the public and private sectors. Its main
operational divisions are Hanover Park Services and Haywards Property Services. Privately owned, the Group provides a comprehensive range of services spanning estate management, building consultancy, insurance and other
related services.