2008
(25/02/2008) AXA announces the arrival of Buy to Let
AXA announces today the arrival of Buy to Let, a new personal lines product designed to meet the needs of small property investors and buy to let landlords. The buy to let market is worth over £120 billion and continues to experience steady growth.
AXA's Buy to Let product provides a range of key benefits for the smaller investor, such as standard perils, legal expenses and new for old contents cover. Policy holders also receive additional support through Buy to Let's legal helpline and the Landlords Legal Document Service - an online facility for legal documents and letting guidance.
Nick Kidd, AXA's Head of Household, commented: "The market for Small property owners and Buy to Let landlords is a great opportunity due to its continued growth. These customers are financially sophisticated and familiar with investment, so they need a product which has a strong standard cover at a competitive price to protect their investment.
"The feedback provided by brokers was extremely helpful in Buy to Let's product development as it enabled us to improve our offering. Brokers will benefit from the simplified acceptance criteria, the competitive pricing and a product developed specifically for this market's needs. The quotation process has also been simplified which has made it faster."
Key Broker Benefits:
- An increase in acceptance criteria for those who have had previous claims
- Customers with contents cover now have 30 days to upgrade locks
- 60 days un-occupancy period is permitted, with quotes remaining valid for 30 days
- No referrals – only accept or decline, making the EDI quotation process quicker and easier.
Key Customer Benefits:
- Access to an online Landlord's Legal Documents Service
- Legal expenses cover of up to £50,000 (including property infringement and defending criminal prosecutions)
- New for old contents cover available up to £50,000
- Optional cover for home assistance, tenancy disputes and Rent Guarantee
Buy to Let is available via EDI through Open GI, SSP and CDL. From March 1st it will replace Release Residential for new business.
- Ends -
More information
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About AXA
AXA UK is a part of the AXA Group. AXA Group is a worldwide leader in Financial Protection. AXA's operations are diverse geographically, with major operations in Western Europe, North America and the Asia/Pacific area. For full year 2006, IFRS revenues amounted to €79 billion and IFRS underlying earnings amounted to €4,010 million.
The AXA ordinary share is listed and trades under the symbol AXA on the Paris Stock Exchange. The AXA American Depository Share is also listed on the NYSE under the ticker symbol AXA.
Our previous company performance is not a guide to how we may perform in the future.The value of the funds can fall as well as rise, possibly due solely to excahnge rate fluctuations, and is not guaranteed. The value of property is a matter of valuer’s opinion not fact.
Any opinions expressed in this media communication are made as at the date of this publication but are subject to change without notice.