The ABI today launches a national campaign to help the UK’s most vulnerable families in rented accommodation cope with a financial shock, such as a burglary or a flood.
A third – just over 1.5 million – of the 4.8 million people in social housing do not have contents insurance, despite the fact that:
- People in social housing are twice as likely to be burgled as those who own their home.
- Arson attacks are 30 times higher in lower income communities.
- Low-income families are eight times more likely to be living in areas at higher risk of flooding.
Now, the ABI is urging more local authorities and housing associations to offer tenants’ contents insurance schemes. These provide low-cost insurance protection – sometimes for less than a pound a week – against losses from risks such as burglary, fire, flooding and accidental damage. To spread the cost, premiums are usually paid at the same time as rent.
The ABI today publishes its guide for local authorities and housing associations on the value to both them and their tenants of providing this insurance.
Launching the guide, Nick Starling, the ABI’s Director of General Insurance and Health, said: “Many social landlords are missing a trick by not providing tenants insurance. As well as protecting the most vulnerable, those covered are less likely to fall into rent arrears as they will be financially protected should disaster strike. The ABI is committed to improving the take up of contents insurance among those in rented accommodation, and we will work with the Government and social landlords to ensure that the most vulnerable people in society are financially protected against the unexpected.”
Click here to see the ABI guide for housing officers
