Keycare has launched a new intermediary-only, landlords’ insurance product for lost keys, to be sold alongside buy-to-let landlords’ general insurance.

Underwritten by Ageas, the cover can be white labelled by brokers. The policy provides up to £1,500 for replacement keys, locks and associated costs, a 24/7 UK based response line, and claims have no impact on clients’ no claims discounts.

Keycare claims that for brokers it offers a market differentiator in the buy-to-let market, a positive impact on customer retention levels and additional income with commissions of up to 70%.

David Robertson, Keycare CEO, said: “Lost keys and replacement locks has always been an area of friction in the landlord-tenant relationship. Most standard tenancy agreements will state that the tenant is responsible for the cost of replacing lost or stolen keys, and many landlords therefore will simply direct tenants to call a locksmith, but in our experience that is not always a straightforward process.

“Rightly or wrongly the landlord will often be the first port of call when a tenant loses their keys. If the tenant is unable to gain access to the property, this can lead to unnecessary confrontation when tenants are presented with a landlord’s or a locksmith’s ‘call out charge’ and cost of replacement. In the interests of landlord/tenant harmony, having insurance for lost or stolen keys is a practical answer to the problem. The landlord saves the times and inconvenience and maintains a good relationship with the tenant and the tenant has surety that if they lose their keys an approved locksmith will be on hand and the cost will be covered by the insurance.”