Paymentshield has introduced a new tenants contents insurance product.
The new product has been designed with tenants in mind, with cover that includes valuables, alternative accommodation, tenant’s home improvements, visitor belongings, contents taken away from the home and Tenants Liability as standard.
Tenants contents insurance, which is underwritten by a panel of insurers, is the latest addition to Paymentshield’s offering for the lettings market, which already includes rent protection products and landlords insurance.
James Loder (pictured), proposition director at Paymentshield, said: “At Paymentshield, we have unrivalled experience in developing products and technology that deliver a market leading insurance proposition. By taking our expertise to the lettings market, we are helping to protect the financial well-being of landlords and tenants.
Rental property has become an important housing tenure, providing homes for millions. Tenants need to ensure they have the right level of protection for their own contents and their landlords’ fixtures and fittings, otherwise they could be exposed to significant financial loss if their possessions were to be damaged or stolen.
“Whether you rent a home or own it, the risks to your possessions are the same, so it is important for tenants to think about general insurance. Mortgage advisers may not deal directly with tenants, but by discussing these issues with landlords, you can provide added value and potentially greater protection for your client’s investment.”