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Daily Insurance Industry News
Tuesday 23rd of January 2018
April 14, 2011

Legal & General launches new landlord insurance

by Richard Kilner

Story link: Legal & General launches new landlord insurance

Legal & General has launched new household insurance cover, Landlords’ Insurance, to cater to the specific needs of landlords.

Landlords with one or more properties can choose from a range of cover options for a single premium.

Simplicity is a key part of the new policy, which has a single policy summary and renewal date, as well as offering multi-property landlords an automatic discount.

Those with two properties will gain a 5% discount, and those with 20 will see 10% discounted.

The new policy has been given a 4 star rating from independent financial research firm Defaqto, and building insurance cover of up to £800,000 is available as standard.

Contents coverage of up to £2 million is available, with optional extras including accidental damage and malicious damage, as well as legal expenses and rent guarantee cover.

Malcolm Cooper, Product, Pricing and Underwriting Director at Legal & General’s general insurance business, described the new product as flexible but comprehensive and forecast a continual increase in the landlords’ insurance market in the coming years.

Earlier this month Towergate Insurance advised home owners, landlords and commercial property owners to ensure that they protected the 738,000 vacant buildings in the UK.

 

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