Chicago—Aon, a provider of risk management services, insurance and reinsurance brokerage and human resources solutions, announced that it has partnered with QBE Insurance to release Aon Rent Protect, a new insurance product designed to reimburse landlords for lost income when tenants default on rent payments.
Traditional property and casualty insurance plans provide coverage for lost rent due to physical damage exposures such as fire or hurricane, but do not address the risk of tenant default.
Aon and QBE have tailored the product to address all sectors of the residential rental property market:
Individual Property Owners
- Aon Rent Protect provides rental income replacement for up to six months and assistance with legal expenses such as attorney fees to help with the eviction process
- Annual premiums start at $250 per rental unit
- Referral program is available for property management companies with landlord clients that would benefit from the new product
- Available in California, Colorado, D.C. and Pennsylvania effective November 1, 2011; soon to be available across the United States
Large Property Investment Firms
- Aon Rent Protect helps manage financial balance sheet risks by allowing the firm to cap total liability, ensuring rent default losses do not exceed the amount selected. Available now across the United States.