DAS partners with Canopy to launch rent and legal protection policy

DAS UK Group, the UK’s leading provider of specialist legal expenses insurance, has partnered with digital rental platform provider Canopy to launch a new Rent and Legal Protection policy.

Canopy’s ‘rental ecosystem’ focuses on the financial well-being of tenants whilst enabling letting agents and landlords to reference tenants in minutes. If a tenant does not pay rent, then the Canopy/DAS UK Rent and Legal Protection policy will provide Canopy’s letting agents and landlords with:

• Rent Protection – up to 12 months’ rent paid in full should the tenant fall into arrears;
• Property damage cover;
• Help in evicting tenants or squatters including potential costs for legal proceedings;
• Payment of 50% of rent if a property is vacant for up to three months;
• Legal expenses coverage of up to £50,000;
• 24/7 support for agents and landlords via DAS UK’s legal advice helpline.

The policy is immediately available to letting agents who will be able to offer the product to their landlords as part of their managed portfolio offering. From January 2021, Landlords will also have the ability to purchase the policy directly via the Canopy platform.

Canopy’s wider offering comprises three core products;

• RentPassport, a multi-channel tenant referencing solution powered by Open Banking and Experian credit data;
• A deposit insurance solution which covers the cost of damage and rent arrears, normally covered by an up-front cash deposit; and
• Rent Tracking which records rental payments within tenants’ Experian credit scores, enabling tenants to build up a credit history and ultimately improve their credit rating during the course of their tenancy.

Tahir Farooqui CEO and Founder, Canopy, commented: “We are thrilled about our partnership with DAS which enables us to offer a value-add service to the letting agents and landlords. For many landlords, their rental income is a key source of their financial stability – Canopy Rent & Legal Protection policy protects landlords against loss of income.”

Mickey Attia, Head of New Business at DAS UK, commented: “We are very excited about partnering with Canopy, whose unique approach to improving the financial health of tenants strikes a chord with our values – they are a leading light promoting greater financial inclusion for tenants in what is an uncertain time. We only partner with the most progressive organisations and Canopy is a clear example of how technology, culture and customer centricity can create winning propositions and partnerships.”