Understanding the value of insurance
Insurance might seem like a minor aspect of property management. However, it's a critical component that can safeguard landlords' investments and provide peace of mind for property owners and tenants. By offering comprehensive insurance solutions, agents can position themselves as trusted advisers, prioritising the protection of their clients' assets.
Mitigating financial risks
One of the most valuable insurance products for landlords is rent guarantee insurance. This policy provides cover for rental income if tenants default on their payments. Partnering with a broker to offer rent guarantee insurance, agents can offer their landlords a way to protect their cash flow whilst protecting their management fees. This will minimise financial risks and enhance the perceived value of the letting agency's services.
Tailored protection
Each landlord and property is unique, and one-size-fits-all insurance policies may not always provide adequate coverage. That's when using a specialist broker with an understanding of the buy-to-let sector comes in. Alan Boswell Group has been involved in the property insurance market for over 40 years, and their service standards have seen them awarded the ‘Platinum Trusted Service Award’ from Feefo since it was created in 2018. In 2023 their NIG landlord insurance policy was awarded a Which? Best Buy, cementing its reputation as a leading landlord insurance provider.
By offering award-winning insurance options, agents demonstrate their commitment to providing their clients with the best for their properties.
Protecting both parties
While landlords typically have insurance to cover their property and liabilities, tenants don’t always consider the protection they need for their contents and their potential liability for the landlords’ fixtures and fittings. Tenants’ contents and liability insurance fill this gap by covering accidental damage the tenant may cause during their tenancy.
By making sure tenants understand what they are responsible for under the terms of their tenancy agreement, and signposting them to appropriate insurance options, letting agents can protect both parties from potential disputes and financial liabilities arising from unforeseen accidents.
Enhancing client loyalty and satisfaction
Beyond the tangible benefits of insurance, integrating insurance products into agency services can improve client loyalty and satisfaction. Landlords appreciate the convenience of accessing insurance solutions through their trusted letting agent, removing the need to search the insurance market themselves.
Driving revenue growth
While the primary goal of offering insurance products is to protect the clients’ property and income, it also presents an opportunity for letting agents to generate additional income. The Alan Boswell Group introducer scheme allows agents to earn commissions on referrals or products their agency buys. By diversifying revenue streams, agents can strengthen their financial resilience and invest in improving their services and expanding their agency.
To learn more about our introducer scheme and insurance products, contact [email protected], visit lettings.alaboswell.com, or call 01603 649727.
Alan Boswell Group: Property insurance
Alan Boswell Group has been protecting landlords and their investments for over 40 years with award-winning insurance products. By partnering with us, you can rest assured your clients receive the highest quality cover and service, while you benefit from an additional income stream.
