08 Feb 2017 | 03.50 pm
Rent Default Insurance For Landlords
RentAssured.ie policy is 2% of annual rental income
08 Feb 2017 | 03.50 pm
InsurePlus has introduced RentAssured.ie, an online service which can protect Ireland’s landlords against rent default, as well as providing a suite of facilities designed to support an estimated 305,000 landlords who own approximately 400,000 private rental homes.
RentAssured.ie offers a specialised insurance policy that protects landlords against rental income default by tenants up to the lesser of 11 months’ rent or €48,000.
Other services span tenant checks by Stubbs Gazette, rental dispute assistance worth up to €5,000 and malicious damage cover. The average premium value is 2% of total annual rental income. The service enables landlords to insure their rental income within minutes, subject to tenants clearing the Stubbs credit check.
The policy is underwritten by a subsidiary of the Lamp Group Limited (UK), a global insurer licensed by the Financial Services Commission of Gibraltar and authorised to offer insurance products and services.
Robert Kelly of RentAssured.ie said: “Many landlords, who typically own one or two properties, have had significant difficulty servicing their mortgages since the economic crash in 2008. As a result, a significant number have left, or are planning to leave, the rental accommodation sector entirely. This is putting further pressure on the already restricted supply of rental homes in the stressed housing sector.
“We believe that our suite of services is also good for tenants and the wider society because of the financial stability it provides to small landlords. By enabling them to negate the risks of defaulted rental income, we can help reduce the number of landlords leaving the rental home sector and underpin the supply of the country’s available stock of homes for rent.”
Other services included in the online package are:
Tenant Checks: Two free tenant checks administered by Stubbs Gazette are included with the policy. If required, additional individual credit checks can be purchased through the RentAssured.ie site.
Rent Dispute Assistance: This can be a lengthy process and the landlord must follow Residential Tenancies Board guidelines and protocols. The policy includes cover up to €5,000 to provide assistance with the RTB and legal enforcement of any RTB Determinations.
Malicious Damage Cover: RentAssured will cover up to the value of one month’s rent for the repair of any malicious damage.
Property Management: Some landlords assign the management of lettings to a property agent. RentAssured.ie has the facility to enable property managers to use the RentAssurance.ie suite of services on a landlord’s behalf.
The InsurePlus online platform was developed by fintech company Quartech, which caters to the banking and insurance sectors.
Photo: Robert Kelly (right) with Ben Hoey of Quartech. (Pic: Nick Bradshaw)