Rent cover goes live

Graeme Edwards said it was a response to how much the housing market had changed, particularly in Auckland.

“If you look at the statistics, a third of people are long-term renters and there’s no cover for them.”

AIA had been looking at its product range and had decided that instead of enhancing its mortgage protection product, it would close it and start up a new product that could be used as situations changed.

AIA’s Mortgage, Income and Rent Cover can be used to cover rent, then transferred to cover a mortgage without the need for underwriting.