Addept Insurance inks deal to launch new proposition for landlords

Addept Insurance has partnered with specialist property insurance provider First2Protect to provide landlords with an alternative rent guarantee insurance protection.

The deal will see First2Protect provide a tailored adaption of Addept Insurance’s rent protect proposition, which provides the core levels of cover for landlords to protect themselves against mortgage arrears resulting from unpaid rent and the legal fees associated with the eviction and repossession of their property.

First2Protect will enable landlords to select a cover limit equal to their monthly mortgage payment, while maintaining an option for landlords to cover the whole of the rent if they prefer.

Richard Finan, managing director at Addept Insurance, said: “With the implementation of the Renters’ Rights Act, the role of rent guarantee insurance has never been more important.

“Against a backdrop of anticipated increases in levels of rent arrears and eviction costs, which will inevitably result in an upward pressure on rent guarantee insurance premiums, our partnership with First2Protect provides landlords with innovative and affordable protection.” 

Responding to change

The partnership is in response to current rent guarantee insurance products in the market that only provide cover for the full rent as standard, with no option to focus indemnity on the mortgage payment exposure.

The cover will be provided on both an add-on and standalone basis as part of First2Protect’s landlord insurance offerings.

Mark Batten, managing director at First2Protect, said: “Addept Insurance’s understanding of the new and emerging risks facing landlords from the Renters’ Rights Act makes them a perfect partner to enable us to respond to the changing private rental sector landscape, providing our landlord customers with a solution that ensures continued affordability and protection against the elements risk exposure of most concern to them.”