Tenant concierge service – Tenant Shop – has announced that it is creating a single insurer relationship with Legal & General. They will offer relevant and essential protection products to the private rental sector (PRS), which will also benefit residents living in Build to Rent homes.
Tenant Shop – which was established in 2008 – will offer residents a portfolio of L&G products – to include Life Insurance, Critical Illness Cover, Income Protection and the newly launched Rental Protection Plan, which has been designed specifically for tenants.
Both companies have extensive knowledge of the rental market and L&G has a significant Build to Rent business. Tenant Shop provides energy, utilities and general insurance and its new in-house referencing product. This product portfolio will now be significantly enhanced by the partnership with L&G – and in turn Tenant Shop provides L&G with access to the rental market. Both are committed to developing products which will provide relevant and focused solutions, benefiting letting agents, landlords and tenants alike.
‘’It has long been known that tenants in the property rental market are underserved with financial services. The strong relationship with Legal & General will help Tenant Shop develop and more importantly deliver insurance and financial services designed especially for tenants.
“The integration of two other award winning Inchora businesses, Albany Park, one of the UK’s leading life insurance brokers, and Farnborough Place (with its Better Protect brokerage) into Tenant Shop will bring a dedicated service to tenants that has never been in place before. With numerous awards to its name, Tenant Shop already has a reputation for excellence in the sector, including six years of gold awards for delivery of services to tenants and the 2020 ESTAs gold award for best service provider to Letting Agents.”Steve Whatley CEO of Inchora, the investment company behind Tenant Shop
Tenant Shop serves over 10% of the PRS market in the UK and is one of the dominant brands in the rental sector. Currently 40% of the UK population are in rented accommodation – which is set to increase to over 50% by 2030. This new alignment offers a unique opportunity for both L&G and Tenant Shop – offering tailored products to the underserviced and rapidly growing UK rental sector, with a focus on education and support to this underserved sector.
“Nearly a quarter of UK households will be renting by 2023 and the protection needs of these families will need to be met by products and solutions specifically designed for them. First-time buyers usually receive a protection ‘nudge’ when they seek mortgage advice, but most renters do not benefit from the same prompt. This leaves tenants facing a greater risk of vulnerability due to unforeseen circumstances.
“We believe that tenants are an underserved group in the protection market, and we want to better address the needs of tenants through relevant and tailored propositions. Legal & General is proud to have been the first provider to offer a bespoke rental product and we are now delighted to be partnering with Tenant Shop to support renters in ensuring they have access to vital protection products and support their financial resilience.”Craig Brown, Director, Intermediary at Legal & General Insurance