Outer London agent Brinkley’s has closed a deal with one of the largest insurance firms in the UK, to become the first agent in the UK to provide rental cover for up to £10,000 per month.
Other providers offer rental cover for up to £5,000, says Brinkley’s executive director Benjamin Willmore, who checked out over 60 providers.
The new product is called Assured by Brinkley’s.
For landlords, it covers the loss of rental income, plus legal expenses up to £50,000, and includes the service of notices such as Section 8 and 21.
In addition the product pays landlords 75% of the monthly rental for up to two months after vacant possession.
Brinkley’s, which is based in Raynes Park on the London/Surrey borders, is quoting the cost from 49p per day, and says there is no excess to pay.
The doubling of the normal rent cover by an insurer reflects just how much rents have risen in and around London.
Comments (12)
Most providers offer 25,000 to 50,000 in total indemnity for a single claim.
Usually that is split between Rent Arrears and legal cover, Although there are some provides that offer 100,000 over all and it’s total window dressing as most of us know, the eviction process will rarely cost more that then a few grand.
All that being said, my question to brinkley’s is what percent of your landlords have more than 10,000 a month rent ?
I would suspect very low, and anyone paying that or more usually sign long term lets, and pay rent in full up front.
Hi Anthony
We have a large number of landlords that are between the £5k and £10K bracket and those same landlords are delighted to now have piece of mind.
The trouble with the total indemnity is that they tend to put a cap on the rental amount to claim, ours is straight forward. We pay the rent to the landlord each month..
Prehaps they didn’t search the whole of market – http://www.dlighted.co.uk offer cover for rents up to £7,500 including legals including additional deposit cover of 6 weeks… and all for less than 49p per day
Thank you for the above, I have looked into this and in truth there is no comparison. We provide a policy that increases the rental cover from £5,000.00 per month to £10,000.00 without the need to do anything more. This policy is backed up by one of the largest insurance firms in the UK, of which Dlighted doesnt have any back up, just a lot of sales jargon.
I would be very concerned about dealing with a business that is just a website, with no contact information, no details about its company formation status, no insurance information, not even an address…
Lastly, the insurance industry itself has never covered for more than £5,000.00 per month
Ben
Hamptons have had their own bespoke policy which covers up to £10,000 per month for well over 5 years and there are others..
Hi Fudge
That did come up but it was their own, (so I am led to believe) not one that is backed by an insurance firm. Each time we found a company covering higher rental it had many clauses, exclusions and all that we contacted said its a maximum payout. For example if the max payout was £40k, it only provided four months cover not till vacant possession.
It is a Barbon Insurance (Homelet/Letsure) product.
No as they remain at the lesser amount, the company will shortly make their announcement on this which will then allow other agents to provide, like to think we are not just helping our landlords but the industry as a whole.
Who was that in reply to? The Hamptons product is provided by Homelet/Letsure.
How much is your product?
Sorry Fudge that was in reply to you. That’s interesting as Homelet don’t go above £5,000.00, although im sure with the size of Hamptons they could easily top that up.
The pricing is being released later this week.
FYI : Dlighted Ltd is an Appointed Representative of Alan Boswell Insurance Brokers Ltd which is authorised and regulated by the Financial Conduct Authority.
The policy is underwritten by UK General Insurance Limited on behalf of Great Lakes Reinsurance (UK) SE.
details are on the web-site.
Thanks for updating the website 🙂