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."
Jonathan French 020 7216 7392 (Mobile: 07958 330 480)
Malcolm Tarling 020 7216 7410 (Mobile: 07776 147 667)
Erfan Hussain 020 7216 7411 (Mobile: 07712 841 184)
Kelly Ostler-Coyle 020 7216 7415 (Mobile: 07968 364 302)
2.A copy of the guide: Helping tenants protect their possessions: a guide for housing officers is available on the ABI website
3. The ABI is the voice of the insurance and investment industry. Its members constitute over 90 per cent of the insurance market in the UK and 20 per cent across the EU. They control assets equivalent to a quarter of the UK's capital. They are the risk managers of the UK's economy and society. Through the ABI their voice is heard in Government and in public debate on insurance, savings and investment matters.
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5.More news and information from the ABI is available at www.abi.org.ukMore Articles by Association of British Insurers (ABI) ...