Paymentshield has strengthened its Landlord Insurance panel with the appointment of MGA and underwriter Arkel.
Arkel’s product, backed by global specialist insurer AmTrust, covers a wide range of risk profiles, allowing Paymentshield to widen its footprint and support a greater proportion of landlords.
The addition also enhances Paymentshield’s ability to service landlords operating through limited companies, a segment of the market where many insurers remain cautious but where the firm says it has identified growing demand.
Cover also extends to landlords letting to students, a tenant group often considered higher risk by underwriters due to the potential for accidental damage, theft and malicious damage.
The partnership comes as landlords prepare for the implementation of the Renters Rights Act, which is expected to reshape the private rented sector from May.
Among the key changes is the abolition of Section 21 “no-fault” evictions, alongside the move to periodic tenancies as the default arrangement. This means tenants may remain in properties for longer periods and landlords will face tighter criteria when seeking possession.
In situations involving problematic tenants, the longer tenancy structure could increase the potential duration of issues such as malicious damage.
The regulatory changes may also lead to greater demand for legal services, including mediation and the service of notices where landlords need to take action against tenants who breach their tenancy agreement.
Paymentshield’s landlord insurance proposition is rated five stars by Defaqto, indicating a high level of features and benefits compared with other products available in the market.
Nasar Hussain, associate director intermediated household at Paymentshield, said: “This new addition to our Landlord Insurance panel comes at the beginning of what’s set to be a year of big change for landlords.
“With the Renters Rights Act being rolled out in May, it’s now more important than ever for landlords to have the peace of mind of quality insurance to protect their property.
“We’re planning to further expand our Landlord Insurance panel over the coming months to enhance our offering by introducing new additional capabilities.
“We carry out extensive due diligence on all our insurance partners which means our policyholders can be confident they are getting products designed to support them when it matters most.”
