ABI promotes low-cost insurance for low-income Londoners
Monday, 22 June 2009
12:00 AM
Low-cost contents insurance could soon be widely available to help low-income Londoners living in social housing protect their possessions following a campaign launched today by the ABI.
In London 750,000 people live in local authority or social housing. These households face a greater risk of crime - they are twice as likely to be burgled and a third more likely to be hit by arson - yet are least likely to be insured. Overall, London residents are least likely to have contents cover than anywhere else in the UK, with 4 in 10 people uninsured and unprotected.
To tackle this problem the ABI, together with the insurer Aviva and insurance broker Aon, will today (22 June) meet with London local authorities and housing associations to develop and promote more tenants' insurance schemes. These schemes, offered by social landlords, provide tenants with low-cost insurance cover for their possessions.
Nick Starling, the ABI's 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. Helping landlords provide tenants insurance will ensure that many unprotected and vulnerable Londoners have the financial protection they need."
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