Axel Springer-owned, Belgium’s leading real estate vertical, has partnered with digital insurance startup Qover to launch an insurance product aimed at landlords.

Immoweb Protect protects homeowners from the risk that tenants won’t pay their rent on time.

The product is agile and flexible, Immoweb CEO Valentin Cogels (LinkedIn profiletold L’Echo. “The pricing was determined based on a default risk by tenants, per municipality. The premium is between 2 and 7 percent of the monthly rent, and depends on the estimated risk and the coverage chosen,” he added.

The owner can choose between three formulas: basic, classic and premium. The latter includes protection against damage to property.

Cogels said this is the first in a series of products Immoweb intends to launch. The next will likely be mortgage lending, followed by fire insurance.

According to last week’s Axel Springer FY17 presentation, Immoweb revenue has increased by nine percent on the year to the level of €40 million ($50 million U.S.), with EBITDA at €27 million ($33 million). Its ARPA increased by 12 percent on the year, to €514 ($636 U.S.).

Speaking at Axel Springer’s recent Classifieds Capital Markets Day event, Cogels said Belgium’s online real estate market is worth over €90m ($111 million U.S.). Immoweb is in the process of adding 360- degree property visits, in partnership with Samsung. It hopes to increase its market share in all segments but plans to focus on property developers, real estate agents, and notaries.

Cogels said the site also plans to introduce additional products related to relocation, renovation, property switching and property finance, later this year.

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