Zurich launches tenants’ contents insurance

Permalink: Zurich launches tenants’ contents insurance
by Gill Montia

Zurich has launched a new product aimed at housing association tenants.

The new home contents insurance is being made available to local authorities and housing associations across the UK, in efforts to increase the take-up in contents cover among communities where it has been historically low.

Premiums will be calculated based on the number of bedrooms a property has and a weekly cash payment option is available.

Tom Shewry, Zurich Municipal’s 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.”

Research by Zurich Insurance found that nearly one million private renters in Britain have no home contents insurance, despite the fact that one in three tenants surveyed estimated the value of their possessions at over £10,000.

A major benefit of the new Zurich product is that it does not require tenants to calculate an overall value for their home contents, removing the dangers of underinsurance.