Paragon Advance is expanding their business with a new and exciting insurance product for Tenants
An estimated 400,000 landlords in the UK (29 per cent) have had their property damaged by tenants in the last 12 months, according to the latest research from the leading landlord association.
Leading the way in continuing to provide essential products and services to the ever changing lettings sector, Paragon Advance has launched a brand new insurance product for Tenants.
After noticing a gap in the market for an insurance product that offered a way to cover tenant’s obligations under an AST, Tenants Liability Insurance was devised and constructed.
Tenants Liability Insurance offers clients a simple solution to common problems faced with letting properties today. This product, administered by Paragon Advance and underwritten by Covéa Insurance, a UK general insurer specialising in commercial, motor, and property insurance, offers tenants cover for accidental damage to a landlord’s fixtures and fittings, for either £5,000 or £10,000 worth of damage.
This product, carefully refined to suit the needs of tenants renting properties today, provides something unique to competitors, providing tenants with a solution that complies with the requirements set out in their tenancy agreement – the need for a separate in-date insurance policy could be a ‘thing of the past’.
Graham Donoghue, Underwriting Product Manager at Covéa Insurance said, “We are pleased to be working with letting specialists Paragon Advance, to create this bespoke product for property tenants. We see great potential in our collaboration, using our combined expertise and understanding of the growing rental market to deliver relevant, quality products, supported by a first class claims service, accredited by the Institute of Customer Service.”
Kelly Gill, Insurance Manager at Paragon Advance said, “We have worked closely with Covéa Insurance to develop this new insurance product. Together we are really excited to launch this to the market and offer tenants a product to meet their needs that falls in-line with the requirements of their tenancy agreement, as set out by their letting agent.”
With many years of experience working within the lettings industry, Paragon understand the risks of the lettings market on both sides of the tenancy, and offer their clients products designed to bring everyone peace of mind.
To learn more about Tenants Liability Insurance, contact Paragon Advance Insurance Team at 0844 375 9604 or email, firstname.lastname@example.org.