Addept Insurance Services has partnered with Moorhouse Group to offer a rent guarantee and legal expenses insurance product aimed at landlords holding mixed and commercial property portfolios.
Moorhouse, a specialist SME business and property owners insurance provider and part of Atec Group, will make the Addept Rent Protect product available through its property owners insurance offering.
The product covers legal costs relating to individual let properties alongside broader commercial risks across a portfolio, with an option to include rent protection for residential elements within a mixed holding.
The partnership comes as the Renters' Rights Act continues to affect private sector landlords, with Addept and Moorhouse pointing to growing activity among portfolio landlords diversifying into commercial property, houses of multiple occupancy and student accommodation.
The release also references an increase in larger residential portfolios held through company structures, though the underlying data behind both claims is not identified in the announcement.
"Diversification and increasing company activity in the sector is reshaping the risks portfolio landlords face," said Richard Finan, managing director of Addept Insurance.
"We have partnered with Moorhouse, who are experts in insuring these more complex and diverse property portfolios, to provide protection extending beyond the traditional residential buy-to-let risks into blended and commercial portfolios."
Finan added that the ability to adapt products to specific customer groups was a strategic consideration for Addept. "Rent guarantee insurance has never been more important and being able to adapt our solutions to meet the changing needs of specific customer groups is also an important move for us to be able to future proof our distribution as the market shifts focus with more landlords holding mixed property investments," he said.
Ian Brown, chief risk officer at Moorhouse, said the product addressed a gap in cover for its portfolio landlord customers. "Addept Insurance understands the new and emerging risks facing landlords of all shapes and sizes," he said.
"Providing a solution that responds to the evolving risk landscape our portfolio landlord customers face makes them an important partner."
