HomeLet Insurance Sales Double in Six Months

HomeLet, a British insurance provider specialising in insurance solutions for tenants and landlords, recently reported that its product sales almost doubled. Introduction of a new insurance product called Tenants Contents Insurance+ resulted in a 121% increase in the number of contents insurance policies sold in September 2009. Moreover, HomeLet proved that it remains the leading British insurance provider of landlords’ and tenants’ insurance policies by referencing more than 1 million of tenants since the year of 2006. However, such a significant increase in product sales, reached in less than 6 months, is perceived as a major breakthrough by the company. It also indicates, according to HomeLet analysts, that the rental property market in the UK is stabilising as more tenants, who refused to purchase contents insurance earlier, regard their rented properties as a long-term home. Another reason that HomeLet analysts attribute to the rise in insurance sales is the economic recession, which resulted in a number of negative changes, such as increased unemployment, cost of living, and burglaries. All these factors make tenants more aware of the possible risks associated with the replacement and repair of their belongings. Let us remind that earlier this year, in June, Tenants Contents Insurance + was introduced by HomeLet, offering tenants specific insurance cover against all risks associated with property rental. Not only does the insurance policy provide specialist cover against various types of damage to landlord’s contents and building belongings up to £2,500, but it is also attractively priced. Another advantage of Tenants Contents Insurance + is the fact that it covers 3 people (the policyholder + 2 more employed, self-employed, or retired tenants). This makes HomeLet’s insurance product extremely attractive for families and/or sharers. Commenting on the new product, Mr. John Boyle, managing director at HomeLet, said that the company has been specialising in tenants insurance for more than 10 years, constantly updating products so that they best meet consumers’ needs. He added that the firm is very pleased to have achieved a 121% increase in product sales in 6 months, as the change highlights HomeLet’s commitment to customers.