New home contents insurance scheme launched for low income households

A major insurance broker is operating a scheme to provide home contents insurance to people on low incomes in England and Wales.

Jardine Lloyd Thompson’s Tenant Risks division is working with professional landlords and local authorities to offer accessible, effective and affordable insurance for families who would otherwise face financial exclusion.

Many tenants also wrongly believe that their landlord is responsible for insuring their homes contents.

One solution available from the National Housing Federation is the My Home Contents Insurance Scheme, which allows tenants to pay the insurance premium with their rent or alternatively direct to JLT via the Post Office using a card, so even those tenants without bank accounts can take advantage of it.

Cover is quick and easy to apply for and covers theft, fire, water and other damage to the tenants’ possessions as well as internal decorations, sanitary fixtures and external glazing which the tenant may be responsible for.

Tony Fawcett, Executive Director of JLT Tenant Risks, said: “Currently, of those living in affordable housing, less than half insure their home contents.

“We are aware that home contents insurance may be the last thing on many tenants’ minds considering other more pressing outgoings and the recession.

“It is why we have developed affordable insurance premiums which are pay-as-you-go, giving residents the peace of mind that in bad situations their home contents are covered, leaving them to concentrate on living their lives.”

The My Home Contents Insurance scheme is a major part of the National Housing Federation's and JLT’s dedication to financial inclusion, where help is provided for everyone to access vital basic financial products and improve their quality of life.

Many people, particularly those living on low incomes, cannot access mainstream financial products. This imposes real costs on these families and can also affect the communities in which they live.

Mr Fawcett added: “Through the My Home scheme, JLT is helping improve tenants’ quality of life by ensuring they can get their home up and running should something happen to it.”