What:
Goodlord has partnered with Legal & General to be the first to offer tenants across the UK access to Illness and Injury Insurance specifically designed for renters.
Why:
21% of renters save no money each month, compared to just 15% of homeowners. And this finding prompted the development of a tenant-facing insurance proposition to create balance in an insurance market that caters primarily to homeowners, including landlords.
How:
- The new Illness and Injury Insurance will ensure tenants can cover the costs of their rent and bills should illness or injury prevent them from working.
- If the customer can’t work due to an accident or illness, the insurance starts paying after four weeks’ absence and will then pay a chosen monthly cash payment for up to 12 months.
- Ideal for those with limited or no entitlement to sick pay from their employer or the self-employed, prices for the insurance will start from £6 a month, with applications processed through the Goodlord platform.
- This product will automatically give a price for cover based on the tenant’s current rent and anticipated bill payments information, gathered as the tenant moves through Goodlord Referencing.
- The whole process is digitized, with interested tenants able to opt-in to the coverage during their move-in process.