HOUSING ASSOCIATIONS PROVIDE INSURANCE LIFELINE FOR TENANTS » Communities » 24dash.com

The National Housing Federation will today announce it is offering a lifeline to housing association tenants unable to access affordable contents insurance.

My Home is a new contents insurance scheme designed specifically for housing associations to offer to their tenants.

It has been developed by the Federation – the trade body for 1,400 housing associations in England, housing 5 million people – in partnership with leading insurance broker Jardine Lloyd Thompson Tenant Risks.

Many housing association tenants have difficulty accessing insurance from mainstream providers. Standard levels of excess and minimum sums insured are a barrier for low income families with few valuables. Many housing association tenants do not have a bank account, making regular payments to an insurance provider impossible.

My Home is different. Unlike most insurers there is no excess, while the minimum level of cover is just £6000 for tenants aged 60 and over and £9,000 for all other tenants. Customers can pay their premiums fortnightly or monthly cash at the post office, as well as through bank accounts if they have them.

As leading organisations in the fight against financial exclusion, a number of housing associations already offer similar insurance products. Those associations that don’t have an insurance scheme can sign up to My Home and offer the benefits to their tenants.

My Home will be available towards the end of 2006.

David Orr, chief executive, National Housing Federation, said: “People on the lowest incomes, including many thousands of housing association tenants, are shut out from the kind of financial services most people take for granted. We want to change that. We are launching My Home to give tenants the peace of mind that comes from having affordable, flexible insurance.”

Tony Fawcett, National Director Tenant Risks, Jardine Lloyd Thompson, said: “Launching My Home builds upon Jardine Lloyd Thompson's experience in providing contents insurance to nearly 200 housing associations and local authorities nationwide. In Scotland a similar scheme available to all members of the Scottish Federation of Housing Associations has enjoyed significant

success and growth in recent years. Working with the National Housing Federation provides the opportunity and mechanism to bring contents insurance to many who would otherwise be denied.”

In addition to launching My Home, the Federation will also announce today that it is entering into a partnership with the Royal Bank of Scotland to explore ways of delivering further support to financially excluded tenants.

Ends

Press release issued: September 21 2006