RentTech specialist Vouch has launched a new feature designed to make it easier for landlords to access rent protection insurance, while unlocking a potentially new revenue stream for some agents.
The new feature enables landlords to opt-in to their letting agent’s rent protection services when approving tenancy applications. This means landlords can assess whether eligible tenancy applications would benefit from the additional security their agent’s cover can provide and select their choice accordingly.
The instant opt-in feature was developed in response to rising demand from agents to be able to offer landlords access to their rent protection services via integrated features, making access to cover simpler for both sides.
Demand for rent protection insurance (RPI) has been steadily rising over recent years. In 2022, an analysis by Vouch and parent company Goodlord found a 17% rise in the number of agents purchasing RPI compared to 2021 levels.
In Goodlord and Vouch’s State of the Lettings Industry survey, which surveyed more than 600 letting agents, Vouch found that 26% more agents are likely to offer a rent protection service directly due to the proposed abolition of Section 21.
Tom Goodman, MD at Vouch, commented: “This landlord opt-in feature will enable more landlords to access the benefits and security that rent protection can bring, with minimal hassle. At the same time, agents will be able to unlock new revenue streams and ensure their landlords are protected. We hope this latest Vouch feature supports our letting agents and landlords to deliver straightforward, efficient, and cost-effective rental offerings.”
