Press Release
Paymentshield reports an 88% increase in Landlords B&C policies as B2L celebrates its 10th birthday
New figures released today by Paymentshield, the largest independent supplier of mortgage related general insurance products to the intermediary sector, reveal that there has been an 88% increase in the numbers of Landlords B&C policies taken out over the last 12 months.
Paymentshield's new figures coincide with the 10th anniversary of the Buy-to-let (B2L) market which has seen a record 700,000 outstanding B2L mortgages at the end of 20051, a rise of 33% from 2004.
The increase in Landlords B&C policies sold over the last year reflects the growth of B2L, in addition to highlighting that more landlords are taking action to protect tenants' property and their rental income against the worst case scenario. Landlords B&C not only covers fire, flooding and theft but it also pays towards landlords' rental income should the property become uninhabitable as a result of an insured case.
Paymentshield is calling on intermediaries to help ensure that existing and potential B2L investors are fully informed about the different B&C options available to them.
Chris Traynor, Sales and Marketing Director at Paymentshield comments: "It is encouraging to see that more and more landlords are taking steps to insure their property investment. Landlords B&C cover is an incredibly important cover and it provides peace of mind by covering most landlord's worst case scenarios such as fire, theft or flooding."
"The B2L market has seen an incredible boom ever since it was first created in 1996 and there are no signs of a market slowdown yet. While our figures show that landlords are taking action to insure their B2L property, we are asking intermediaries to make sure they fully inform their clients about the importance of Landlords B&C cover."
For further enquiries call 08450 615 700 or visit the website at http://www.paymentshield.co.uk
1CML research B2L market summary
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Notes to Editor:
Paymentshield Limited is the largest independent supplier of general insurance products to the mortgage intermediary sector with current new business levels consistently exceeding 30,000 policies a month. Paymentshield only sells through intermediaries and over 27,000 intermediaries have chosen Paymentshield.
For all further enquiries, please contact:
Fiona Kitchin
Head of Marketing
Tel - 0870 351 5878
Mobile - 07989 960 166
E-mail - fiona.kitchin@paymentshield.co.uk
Inez de Koning / Anna Schirmer
Lansons Communications
Tel - 0207 294 3623 / 0207 294 3605
E-mail - inezd@lansons.com / annas@lansons.com