Swiss Re says 'rent out worry free and avoid losses' with new insurance cover

Swiss Re’s iptiQ, a digital white-label property & casualty and life & health insurance platform, has launched a new loss of rent insurance product in the German market.

The product is offered through the ImmoScout24 online real estate platform. It will cover the complete or partial loss of up to six months’ rent, including additional costs, or a maximum amount of €10,000, with annual premiums starting at €40.90.

The loss of rent insurance offers private landlords protection against rent-related losses from new tenancy agreements, and is valid for one year from the start of a new tenancy and can be cancelled on a daily basis.

According to a survey conducted in April 2021, Swiss Re said around two-third of private landlords have experienced issues such as irregular, incomplete or missing rent payments. However, 90 percent of these do not have any loss of rent insurance.

"With ImmoScout24, we have found the ideal partner in Germany to offer customers tailor-made household insurance products online precisely when it matters," said Andreas Schertzinger, CEO of iptiQ EMEA P&C. "Thanks to the seamless integration of our product into ImmoScout24’s digital ecosystem, customers can insure themselves against the risk of rent-related losses directly online and throughout the rental process."

Ralf Weitz, managing director of ImmoScout24, added: "The digital ImmoScout24 loss of rent insurance means that we can provide private landlords with an innovative service that makes renting out a property safer for them. Alongside our cooperation partner iptiQ, we can help make renting even easier, while minimising the impact of losses. This is particularly relevant if tenants experience difficulties meeting rent payments as a result of the COVID-19 pandemic – and other factors, of course."

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