Zurich launches tenants' contents scheme
www.moneynews.co.uk > Insurance > Zurich launches tenants' contents scheme
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Zurich launches tenants' contents scheme
Tue 1st Apr 2008
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The new tenants' contents scheme is being made available to local authorities and housing associations nationwide to help them tackle barriers to take-up of cover in their communities.
Created following consultation with a variety of stakeholders including MPs, local authorities and housing associations, the Zurich product is intended to boost take-up of contents insurance among tenants. A recent report by the government, Financial inclusion: an action plan for 2008-11, highlighted the need for greater social inclusion.
With a general lack of clarity existing among tenants regarding the value of their contents and many struggling to meet monthly or annual insurance premiums, Zurich has created a solution that helps people to purchase appropriate cover, with premiums calculated based on the number of bedrooms a property has and a weekly cash payment option available.
Tom Shewry, Zurich Municipal head of housing, said: "Financial concerns and the fact that insurance products are often seen as complicated and difficult to understand are reflected in poor adoption of these schemes. Last summers' floods emphasized the value of cover."
Landlords typically only insure buildings and the new Zurich product does not require tenants to calculate an overall value for their home contents, making sure that they are not underinsured.
A recent study by Zurich Insurance found that nearly one million private renters in Britain have no home contents insurance, though one in three estimate the value of their possessions are more than £10,000.
Related News : Insurance |
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Related News : Zurich |
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