Landlords can now access a new 5-Star Defaqto rated insurance product that includes legal expenses cover as standard, with rent guarantee available as an optional add-on for those seeking income protection against tenant arrears.
The Residential Landlord Insurance product is available through advisers on the Source Insurance Landlord panel. Prestige Underwriting is the first underwriter of the product, which is also the first common-worded policy on the Source Landlord panel. Common wording is intended to make cover easier to compare across the market while retaining the flexibility to accommodate differing landlord circumstances.
The launch comes as the Renters' Rights Act sharpens the focus on landlords' legal responsibilities and the financial consequences of disputes, arrears, and property-related incidents. Prestige brings specialist experience across standard and non-standard property insurance, giving landlords with more complex risk profiles access to underwriting support where their circumstances fall outside a straightforward case.
"As the landlord market evolves, landlords and their advisers need insurance that can respond to differing circumstances," said Tim Baxter, business development and relationship director at Prestige Underwriting.
"Our specialist property experience and flexible underwriting enable us to provide support when a risk becomes more complex. By extending our established relationship with Source into landlord insurance, we can make that expertise accessible to more advisers and help them secure appropriate protection for a broader range of landlord customers."
Jonathan Pinkerton, insurer relationship and finance director at Source Insurance, said the addition strengthens the panel's offer for residential landlords. "The landlord market is changing quickly and advisers need straightforward access to high-quality cover that responds to the risks their clients face," he said.
"Prestige's property underwriting experience strengthens our Landlord panel and supports our aim of giving advisers flexible, comprehensive solutions for residential landlords."
