Aviva is to provide on-the-spot quotes, via Fast Trade, to brokers seeking cover for landlords who let their properties to students.
Aviva is to provide on-the-spot quotes, via Fast Trade, to brokers seeking cover for landlords who let their properties to students.
The increase in student population in the UK has helped to drive demand for rented accommodation as research reveals that nearly two million (80%) of students live away from home1, with the insurer estimating that two thirds of these live in private dwelling houses.
And according to CB Richard Ellis, commercial property and real estate services adviser2, the student accommodation market is still growing, with demand increasing by 14% in the past five years. In addition, with the average weekly rent being higher in private halls, students might find accommodation in the private residential market more favourable.
Mark Keavney, product development manager for Aviva, said: “Landlords with student tenanted houses are not always easy to obtain cover for due to the type of risk. Aviva is expanding its underwriting appetite within this sub-segment to enable brokers to offer customers our Residential Property Owners product, which provides cover on an all risks basis.
“It is commonplace that students in their first year live in halls of residence, but second and third year undergraduates typically live in shared, rented accommodation.”
The offering is packaged for brokers to target residential property owners with private houses occupied by students, providing landlords manage the let using an Assured Shorthold or Short Assured Tenancy Agreements.
The proposition includes providing cover for accidental and malicious damage and loss of rent, without having to make a referral.
-ends-
For further information, please contact:
Sam Bramwell at Staniforth on 0161 919 8024/ 077381 96667 or Vicki Burn at Aviva’s UK Insurance press office on 01603 684 224/ 07800 692909.
Notes to editors:
1 Universities UK Report and HESA (Higher Education Statistics Agency) 2007/08.
2 CB Richard Ellis Hamptons International - Student accommodation, 2007.
Aviva, the international savings, investments and insurance group, is the world’s fifth largest insurance group, serving 50 million customers across Europe, North America and Asia Pacific.
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