"The buy-to-let market is changing and landlords need to ensure that they’re protecting their assets in as robust a way as possible"
According to the Resolution Foundation, the appointment of Modus comes at a time when there are more landlords who need to be insured against potential damage to their properties caused by their tenants.
Modus joins the panel alongside AXA, Legal & General, Royal & Sun Alliance and Towergate, bringing the number of providers on the landlord’s insurance panel up to five.
Amanda Fox, proposition and insurer relations director at Paymentshield, said: “Modus is a very welcome addition to the landlord’s insurance panel, offering a quality product that sits well in our portfolio. We’re certain that our work with Modus will blossom into a successful working relationship.
The rise of accidental landlords – which makes up for one in four properties in the private rental sector – has led to a huge rise in demand for these products. However, the buy-to-let market is changing and landlords need to ensure that they’re protecting their assets in as robust a way as possible. Modus joining our panel at this point in time strengthens our offering to this market, which we hope will give mortgage advisers more confidence in the quality of our products when liaising with clients.”
Modus, launched at the beginning of 2015, specialises in underwriting and distributing auto-rating household, landlord and commercial products.
Scott Banks, Modus director, added: “The landlord market is a key area of growth for us and we believe that we have a quality product to offer. Joining the Paymentshield panel represents a significant development in our strategy and we’re pleased to have developed a strong working relationship with Amanda and her team.”
