New partnership announced to strengthen money protection for tenants and landlords

A new strategic partnership in the residential lettings sector is set to benefit tenants and landlords when it comes to their money being protected.

Under the deal landlords and tenants will find that their money is completely protected through an insurance scheme being offered by lettings agents.

Let Alliance and the UK Association of Letting Agents (UKALA) have announced a strategic partnership which will bring total loss client money protection (CMP) insurance to UKALA members.

The move comes in advance of a raft of changes for the private rented sector (PRS) in 2018 including the Government’s intention to introduce compulsory CMP insurance.

The CMP available exclusively through Let Alliance for UKALA members is not available to anyone else in the market. With loss limits at individual landlord and tenant level removed, the cover, which is underwritten by UK insurer Hiscox, is comprehensive.

‘We have worked with Let Alliance to deliver a distinctive CMP proposition ahead of the Government’s decision to make it compulsory in England, and it provides all of our members with a market differentiator and unique selling point,’ said Tim Clark, UKALA chairman.

‘It also means that only UKALA agents will be able provide landlords and tenants with the assurance that their money is completely protected. We have started contacting UKALA members about the announcement with more detail about what it will mean for them,’ he added.

According to Andy Halstead, chief executive officer of Let Alliance, it means that Let Alliance’s customers can start to benefit from UKALA’s unique relationship with the National Landlords Association (NLA), which offers unrivalled networking opportunities and access to a network of around half a million properties.

‘We’re looking forward to working with UKALA’s members to discuss their business needs and how we can work together to support them through changing times, focused on increasing revenue and wherever possible reducing costs,’ he added.