Tenant's Contents Insurance now offered on a rolling subscription

 

From Monday 30 October 2023, Tenant’s Contents Insurance will be offered on a rolling subscription basis, providing your clients with flexibility should they change rented properties or move on to purchase their own homes. This also means there’s no need for your clients to sign up for a credit agreement, and as a rolling subscription, there’s no renewal, therefore, no requirement to confirm your clients’ renewal preferences.

What else is new?

Plus, there are now fewer questions to answer when getting a quote, we’ve removed the charge for credit and the admin fee to simplify how the price is presented since there’s now just one easy payment option, monthly direct debit.

In addition, the new Tenant’s Contents Insurance now has the option of an extended start date of up to 90 days, to allow your clients to pick a start date that suits them.

It’s now more inclusive as there’s a gender-neutral option to select Mx as the client’s title when filling in their personal details.

Most importantly the new Tenant’s Contents Insurance still has the same quality of cover it did before to protect those living in rented accommodation.

Don't forget 

If you have any quotes still incomplete before 29 October you won't be able to submit them when the switch over to the new Tenant's Contents Insurance rolling subscription happens on 30 October. So, make sure any quotes are submitted before then, so you don't have to redo them.

FAQs

What will happen with my clients who currently have a Tenant’s Contents Insurance policy with you?

Any existing Tenant’s Contents customers that are coming up for renewal will shortly be moving onto the rolling subscription policy. You don't need to take any action as we will automatically contact your clients at their renewal, and it will swap over.

Will the price be guaranteed for 12 months with the new rolling subscription policy?

We’ll still rebroke with our panel of insurers on the annual anniversary of the policy. Although the price won't be guaranteed, throughout the year, customers will be given at least 28 days' notice if there are any changes to the policy or price during the life of the policy.

Will the pricing of the new rolling subscription policy be different to the current annual policy?

The price of the new policy is expected to be broadly the same as the current policy, so your client is unlikely to see a big change. 

Will my clients still be able to pay by annual direct debit and debit/credit card?

Unfortunately, annual direct debit and debit/credit card payments aren’t available. As this is a rolling subscription policy your client will only be able to pay by monthly direct debit.

Can my clients still choose to have an annual policy if they wish?

No, the new rolling subscription Tenant’s Contents Insurance will replace the current annual policy.

What happens if the tenant decides to cancel their policy?

The policyholder will pay for the number of days they had cover in place. Based on when it is they cancel we’ll communicate whether we still need to collect payment or if they’re due a refund.

Are there any changes to the amount of commission I'll be paid?

We’re making changes to how the commission is calculated; however, we want to ensure that both the premium paid by the customer and the commission you'll receive will not fundamentally change.

The commission will be paid exactly the same as previously and mirror your existing commission set up with us. The only difference is how your commission is calculated, for Tenants Contents Insurance rolling subscription it is based on the whole monthly premium (minus IPT) x12. Due to this, the percentage you see on your statement will be lower than before, but we’ve done our best to ensure that the sum you receive is similar to the previous amount.

The commission percentages have changed to account for the removal of the policy administration fee and charge for credit, which were previously non-commissionable elements of the premium.

Will there be new terms & conditions and a new IPID?

Yes, you can find these in our policy document library www.paymentshield.co.uk/types-of-cover/policy-document-library

Will the policy still have a 5 Star Defaqto rating?

Yes, the policy will still be 5 Star Defaqto rated. 

 

 

View or download the full policy wording

Article last updated: 19/10/2023

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