Aon offers new tenant rent nonpayment insurance in 10 additional states
HATBORO, Penn. (June 11, 2012) – Aon Risk Solutions, the global risk management business of Aon plc (NYSE: AON), announced today the availability of Aon Rent Protect in 10 additional states in the U.S.
Aon Rent Protect guards the cash flow of landlords against loss of rental income on residential properties following nonpayment of rent. It also covers loss of rent caused by death of a tenant, tenant abandonment and military duty call. The product provides coverage for legal expenses to assist with the eviction process as well.
Aon Rent Protect is now available in the following states:
· Delaware, Georgia, Illinois, Indiana, Maryland, Massachusetts, Nevada, New Jersey, North Carolina and Virginia as of May 2012;
· Arizona, Arkansas, Idaho, Michigan, Rhode Island, Tennessee and Wisconsin as of February 2012;
· California, Colorado, Ohio, Pennsylvania and Washington, D.C. at its initial launch as of November 2011.
Coverage will soon be available in most states.
Annual rates are determined based on the rental units monthly cost and range from $250 for a unit with a monthly rent payment of up to $1,200 to $950 for a property with a monthly rent of $5,000-$8,000.
Landlords who have been through a painful eviction see the value of securing coverage, said Kevin Morman, senior vice president of program design and development at Aon Affinity, the consumer, association and group program business of Aon Risk Solutions. In addition to paying up to six months in lost rent, Aon Rent Protect helps the landlord with their legal expenses, which can make a big difference in seeking the assistance of an attorney and getting your property back.
Aon Affinity offers Aon Rent Protect, underwritten by member companies of QBE Insurance Group, to residential property owners. Aon and QBE have provided tenant rent default insurance in Australia, the UK and New Zealand for the past 20 years.
For more information, visit www.aonrentprotect.com/launch or call +1.888.722.2172.