Letting agent association offers new benefit for members
Members of the UK Association of Letting Agents (UKALA) are now able to access a new benefit, which is being delivered via a partnership between UKALA and Let Alliance.
The organisations have announced that total loss client money protection (CMP) is now available to all members of UKALA.
What this means is that, for the first time, consumers will be able to access total loss CMP cover through their letting agent. In the past, policies have only provided cover up to a certain level of losses.
This benefit is offered exclusively by Let Alliance for UKALA members and is not available anywhere else in the market. The insurance cover is provided by Hiscox.
The industry association noted that the extended CMP cover comes ahead of a number of changes that are due to come into effect for the private rented sector in 2018. Among these reforms is a government plan to introduce compulsory CMP insurance.
Tim Clark, chairman at UKALA, said: "We have worked with Let Alliance to deliver a distinctive CMP proposition ahead of the government's decision to make it compulsory in England, and it provides all of our members with a market differentiator and unique selling point.
"It also means that only UKALA agents will be able provide landlords and tenants with the assurance that their money is completely protected."
The organisation has begun the process of contacting members to inform them of the change and what it could mean for them.
Andy Halstead, founder and chief executive of Let Alliance, said the group was looking forward to working with members of UKALA and discussing their business needs.
Other changes letting agents need to be aware of in 2018 include government measures to clamp down on overcrowding in private rented properties.