14 Dec 2017 A new set of insurance products are being launched that have been designed to cater specifically for the burgeoning sharing economy of AirBnB hosts and parking space rentals by a new entrant to the market.
The new company, Inlet, claims to have spotted a significant gap in the market that is being under-serviced and overcharged by current insurance policies. Louise Birritteri, CEO, explains, “The sharing economy has really taken off in the last couple of years but what people don’t realise is that, in most cases, their standard home or landlord insurance policy won’t cover them for losses or their liability for these types of short term letting activities – whether that’s letting a room in their house or renting out a parking space.”
“Some insurance providers do offer a level of cover for these sorts of arrangements in their annual policies but it often falls short of what the customer actually needs. It means that they don’t have the right cover and also end up having no choice but to pay over the odds for year-round insurance when, in most instances, they only need cover for a limited number of days a year.”
Inlet is launching with ten products covering four main product areas and plans to grow that to around 35 during 2018. The products areas that are available now:
· Host insurance – cover for homeowners, tenants and landlords for the letting of rooms, annexes and whole houses
· House swap – cover for homeowners and tenants who are house swapping
· Landlord protection – cover for landlords to protect themselves should tenants sub-let their property, with or without their knowledge
· Parking host – cover for people letting their garage, driveway or allocated parking
These add-on products retail at around £1/day for Parking host and from £1.50/day for Host insurance. For clients to be eligible for cover, they must have an annual home insurance policy in place.
Birritteri continues, “With Inlet’s insurance products, people can buy cover they need ‘on-demand’, from a broker or direct, at a fixed daily price, for pretty much any period they like. Using the Inlet website, it takes no more than 2-3 minutes to arrange and costs from as little as £1 a day. We’ve also recognized that paying by the day can get expensive quite quickly, so we also offer packages for 35 and 90 days’ cover, as well as full year cover. Our aim is to make sure people only pay for what they need, at the most appropriate price, so they don’t end up wasting some of the valuable income they earn from asset renting on insurance they don’t need.”
Inlet has designed its products to run alongside standard home and landlord policies on offer from any insurance provider. It means that the generation of AirBnB-ers can now get best of both worlds – the best deals for both their standard and shared economy cover avoiding the need to be tied into expensive home or landlord policies that offer both.
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