Paragon Advanced adds ID theft to “No Deposit” offering
Paragon Advanced has announced that it is including identity theft cover as standard with its “No Deposit” insurance, a policy designed for landlords who prefer not to take deposits.
According to the lettings services firm, the risk of identity theft is high in house conversions or blocks of flats where the residents share a letterbox.
Managing director, Bryn Cole, explains that the crime can also cause problems for landlords because of the financial impact it can have on tenants.
Paragon’s No Deposit policy was launched last year and comes at a fixed fee of £145 for the life of the tenancy.
The scheme is underwritten by DAS who will negotiate on behalf of the landlord to recover damages caused by tenants up to the value of one month’s rent, and provide up to £50,000 in legal costs if necessary.
Research released earlier this month by CIFAS, the UK’s fraud prevention service, named Croydon as the UK’s hotspot for impersonation fraud (where the fraudster uses details to apply for accounts in the victim’s name) and facility takeover fraud (where the fraudster hijacks and plunders the victim’s account).
According to the body, both types of crime are also on the rise in Maidenhead, Aldershot, Beckenham, Birmingham, Hove and Leicester.
