Contents Insurance Scheme for Low-Income Londoners to Be Launched

26th June, 2009

The Association of British Insurers (ABI) is to launch a contents insurance scheme aimed at low-income Londoners living in social housing. They have teamed up with insurer Aviva and insurance broker Aon to begin first discussions with London local authorities and housing associations regarding the proposed venture.

Nick Starling, ABI Director of General Insurance and Health, said: "Many low-income londoners struggle to access basic financial products, such as contents insurance. This makes it difficult for them to plan for the future, and leaves them at the mercy of unwelcome events, such as burglary.

Latest estimates put the amount of people in the capital living in local authority or social housing at 750,000 - these households are twice as likely to be burgled and a third more likely to receive damage due to arson, compared to the average. They are also less like to have the belongings in their home insured than anywhere else in the UK, with only four in ten local authority and housing association tenants in London covered.

Starling added:

In other related news, The Environment Agency has recently backed calls for social landlords to provide insurance cover for lower-income tenants by including the cost in the rent - this followed a flood risk assessment highlighting one in six homes in England are now at risk of flooding.

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