A startup insurance broker called Inlet has launched with products for the sharing economy with AirBnB hosts and parking space rentals in mind.
Brokers are able to sell Inlet products as add-ons to run alongside standard home and landlord policies on offer from any insurance provider.
Inlet is launching with 10 products covering four main product areas and plans to grow that to around 35 during 2018.
They are ‘landlord protection’, for landlords to protect themselves should tenants sub-let their property, with or without their knowledge; ‘host insurance’, for homeowners, tenants and landlords for the letting of rooms, annexes and whole houses; ‘house swap’, for homeowners, tenants and landlords; and ‘parking host’, for people letting their garage, driveway or allocated parking.
Products retail at around £1 a day for parking host and from £1.50 a day for host insurance.
The Norwich-based business is the brainchild of former Arthur J Gallagher and Co-op Insurance head of pricing, Louise Birritteri (pictured, far right).
Birritteri, who is chief executive of Inlet, said: “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 annual policies but it often falls short of what the customer actually needs.
“It means that not only do they not have the right cover but they 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.”
She added: “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 two to three minutes to arrange and costs from as little as £1 a day.
“We’ve also recognised 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.”