Home Contents Insurance Tony Fawcett Executive Director Dean Seager - - PowerPoint PPT Presentation

Home Contents Insurance

Tony Fawcett – Executive Director Dean Seager – Development Director

This year we paid out over £XXK in compensation claims

Our insurance premiums cost us XX per year

THE FACTS

The take up of home contents insurance amongst social housing tenants is low as many tenants find it difficult to access mainstream contents insurance products due to the cost and requirement for a bank account. Our schemes are designed to overcome some of these barriers, offering easier payment

• ptions, by illustrating there is no long term

commitment and providing more realistic lower levels of cover. Making premiums affordable and the process simple.

Regulatory. A statement from the FCA

Registered Social Housing Providers (RSHPs) or LAs do not need to be authorised by the FCA to arrange or advise on contracts of general insurance, as they have a specific

• exemption. This means they can arrange contents

insurance for their residents and even recommend a particular product. It also means that a housing association

• ffering an insurance-with-rent scheme can accept an

additional sum on top of rent to pass on to an insurer as premium without needing to be authorised.

So what’s on offer? Why two schemes?

 Historic  Provides tenants with choice

The Thistle Tenant Risks Home Contents Insurance Scheme And the Scottish Federation of Housing Associations ‘Diamond Insurance Scheme’

Currently approximately 10,000 Scottish social housing residents from your

• rganisations insure through the Thistle

Tenants Risks Home Contents Insurance scheme – The Thistle Tenant Risks Scheme is underwritten By Allianz Insurance plc. All administration is done in-house, by TTR

And nearly 1,200 through the SFHA Diamond Insurance Scheme The SFHA Diamond Scheme is underwritten by Royal & Sun Alliance plc. Administration is via Uris Group Limited

So why do so many Social Housing residents not have Home Contents Insurance? “My possessions don’t warrant insurance” “I don’t want to fill out complicated forms” “My landlord will pick up the bill” “I can’t afford it” “It’s poor value for money” “I haven’t got that many possessions” “Nothing is going to happen to me” “I’m confused to which product to look at”

5.1 million renting in social housing & 5.2 million

• wner occupiers

are also recorded without cover Why?

 Lack of affordability  Lack of trust  Low usage of digital skills  Living in high risk areas  Preferred methods of payment  Feel financially excluded  Do not understand the value of

insurance

Those who can least afford to lose their possessions have the most to benefit from home contents insurance New easier ways of purchasing insurance may not be available to the less privileged People on low incomes lack spare money Financial exclusion is concentrated

• n local authority and housing associations

It is a government policy to reduce such exclusion Insurance is not a priority for most tenants Limited capacity to replace

• r repair goods and belongings

We all have a responsibility to ensure that tenants have suitable home contents insurance. As social housing providers you are best placed to facilitate this need. And work together to actively promote and encourage all tenants to take out home contents insurance. You should make it clear to tenants that you will not pay for damage or loss of tenants belongings incurred in their properties from events such as fire, flood and theft.

As social housing providers and members of evh and the SFHA, you automatically qualify to offer your tenants these schemes. It’s a no cost option! Working with us (Thistle Tenant Risks), to provide a home contents insurance scheme, that’s not only affordable, but the cover is tailored to meet the lifestyles of your tenants. Why should you offer these Home Contents Insurance Schemes?

A family that is covered by household insurance is much more resilient to the financial impact of a fire, flood or break- in than a family which has little in the way of insurance protection. The ability to raise money quickly without having to sell assets, dip into savings or use unsecured credit to replace essential lost items (such as furniture, clothing, bedding, technology and white goods) provides a valuable buffer against shocks, especially for those on low incomes.

Peace of mind

Protection of savings Ability to repay loans

Why promote Home Contents Insurance Scheme?



These Home Contents Insurance Schemes were created with tenants in mind



The cover is tailored to the lifestyle

• f tenants



They offer payment options (cash, direct debit, cheque/debit card)



There’s no long term commitment



No red-lining. All tenants are eligible to apply



All postcodes are included (ie not excluding flood risk codes)

In particular these schemes are helpful for

✓Tenants on benefits ✓Unemployed ✓If they have a carer ✓Single parents ✓Sick or disabled ✓Living in sheltered accommodation ✓Tenants with key safes ✓Tenants with lodgers ✓All general needs tenants Unoccupancy: our schemes help those who may have restricted cover; such as

• Armed forces
• Extended hospital
• Nursing homes
• Family respite

Some of the benefits

• f the

Home Contents Insurance Scheme



Flexible regular Pay-As-You-Go payment options



No fuss, quick and easy to apply either through the post or over the telephone



No excess (you do not pay the first part of the claim)



Covers fire, theft, flood, water damage and

• ther household risks



Covers damage to internal Decorations



Covers accidental damage to sanitary fixtures such as toilets and washbasins



Covers damage to external glazing for which you are responsible



Covers lost or stolen keys



You do not need to have special door or window locks



You do not need to have a bank account



Premiums won’t increase if a claim is made



There’s no hidden administration or cancellation fees Limits and exclusions apply. A full policy wording is available.

Cover at a glance

Fire, lightning, explosion, earthquake Loss or theft of keys Smoke damage Water or oil leaks Accidental breakage

• f mirrors, glass,

hobs Loss of metered oil & water Theft or attempted theft Storm or flood Subsidence Visitor possessions Tenant’s improvements Malicious damage Household removal Freezer contents Tenants Liability including internal decorations Money & Credit Cards Replacing Deeds and documents Accidental death Valuables up to 33%

• f the sum insured

Accidental Damage to home entertainment equipment (not portable items) Third party liability Contents at College University Contents in the open Theft from

• utbuildings

Wedding and Christmas gifts Being hit by aircraft, vehicles, animals, falling trees or branches Riot

All covered as standard Limits and exclusions apply. A full policy wording is available.

What are the sums insured?

£4,000 - £35,000 available to residents in sheltered housing (TRR) £6,000 - £35,000 available to tenants aged 55 and over (TTR) aged 60 and over (Diamond) £9,000 - £35,000 available to all other tenants

Optional extensions available?

Extended Accidental Damage Cover For accidents whilst in the home, example spilt paint, dropped vase, scratched table.

• covered up to the sum insured.

Personal Possessions / Personal Belongings (that’s items you carry around every day, covered away from the home) example, hand bag, wallet, spectacles, mobile phone.

• any one claim is limited to £500 per item. (TTR)
• any one claim is limited to £250 per item. (Diamond)

Payment Methods

 Both the Thistle and Diamond scheme offer various

payment methods;

• Fortnightly or monthly by cash using a swipe card - PAYG
• Monthly by direct debit - PAYG
• Annually by cheque, postal order or direct debit

 Premiums depend on postcode (there are 3 areas)

Premiums area 1

Thistle

Fortnightly by Cash Monthly by Cash Monthly by Annually by Cheque, Postal Area 1 using a Swipe Card using a Swipe Card Direct Debit Order, Debit/Credit Card Standard Standard plus Standard Standard plus Standard Standard plus Standard Standard plus Sum Insured Extended Acc Damage Extended Acc Damage Extended Acc Damage Extended Acc Damage £4,000 £0.95 £1.19 £1.52 £2.04 £1.11 1.65 12.72 18.95 £6,000 £1.19 £1.55 £2.05 £2.83 £1.66 £2.48 £19.08 £28.43 £9,000 £1.56 £2.10 £2.84 £4.01 £2.49 £3.72 £28.62 £42.64 £12,000 £1.93 £2.65 £3.64 £5.20 £3.33 £4.96 £38.16 £56.86 £20,000 £2.91 £4.10 £5.76 £8.36 £5.54 £8.26 £63.59 £94.76 All premiums are inclusive of Insurance Premium Tax at the current rate. Fortnightly and monthly premiums include a transaction charge. £4,000 to £35,000 available to residents in sheltered housing | £6,000 to £35,000 available to tenants aged 55 and over | £9,000 to £35,00 to all other tenants

Diamond

Fortnightly by Cash Monthly by Cash Monthly by Annually by Cheque, Postal Area 1 using a Swipe Card using a Swipe Card Direct Debit Order, Debit/Credit Card Standard Standard plus Standard Standard plus Standard Standard plus Standard Standard plus Sum Insured Extended Acc Damage Extended Acc Damage Extended Acc Damage Extended Acc Damage £4,000 N/A N/A N/A N/A N/A N/A N/A N/A £6,000 £1.13 £1.43 £2.13 £2.83 £2.13 £2.83 £32.51 £29.64 £9,000 £1.70 £2.15 £3.19 £4.24 £3.19 £4.24 £32.74 £63.61 £12,000 £2.27 £2.86 £4.26 £5.65 £4.26 £5.65 £43.66 £59.28 £20,000 £3.78 £4.77 £7.10 £9.42 £7.10 £9.42 £72.77 £98.79 All premiums are inclusive of Insurance Premium Tax at the current rate. Fortnightly and monthly premiums include a transaction charge. £6,000 to £40,000 available to tenants aged 60 and over | £9,000 to £40,00 to all other tenants

Premiums area 2

Thistle

Fortnightly by Cash Monthly by Cash Monthly by Annually by Cheque, Postal Area 2 using a Swipe Card using a Swipe Card Direct Debit Order, Debit/Credit Card Standard Standard plus Standard Standard plus Standard Standard plus Standard Standard plus Sum Insured Extended Acc Damage Extended Acc Damage Extended Acc Damage Extended Acc Damage £4,000 £1.21 £1.52 £2.08 £2.76 £1.69 £2.41 £19.43 £27.62 £6,000 £1.58 £2.05 £2.89 £3.91 £2.54 £3.61 £29.14 £41.43 £9,000 £2.14 £2.85 £4.10 £5.64 £3.81 £5.42 £43.71 £62.15 £12,000 £2.70 £3.65 £5.32 £7.37 £5.08 £7.22 £58.28 £82.86 £20,000 £4.20 £5.77 £8.55 £11.97 £8.47 £12.04 £97.13 £138.11 All premiums are inclusive of Insurance Premium Tax at the current rate. Fortnightly and monthly premiums include a transaction charge. £4,000 to £35,000 available to residents in sheltered housing | £6,000 to £35,000 available to tenants aged 55 and over | £9,000 to £35,00 to all other tenants

Diamond

Fortnightly by Cash Monthly by Cash Monthly by Annually by Cheque, Postal Area 2 using a Swipe Card using a Swipe Card Direct Debit Order, Debit/Credit Card Standard Standard plus Standard Standard plus Standard Standard plus Standard Standard plus Sum Insured Extended Acc Damage Extended Acc Damage Extended Acc Damage Extended Acc Damage £4,000 N/A N/A N/A N/A N/A N/A N/A N/A £6,000 £1.54 £1.92 £3.04 £3.89 £3.04 £3.89 £32.51 £42.41 £9,000 £2.32 £2.89 £4.57 £5.83 £4.57 £5.83 £48.76 £63.61 £12,000 £3.09 £3.85 £6.09 £7.77 £6.09 £7.77 £65.02 £84.82 £20,000 £5.15 £6.41 £10.15 £12.95 £10.15 £12.95 £108.36 £141.36 All premiums are inclusive of Insurance Premium Tax at the current rate. Fortnightly and monthly premiums include a transaction charge. £6,000 to £40,000 available to tenants aged 60 and over | £9,000 to £40,00 to all other tenants

Premiums area 3

Thistle

Fortnightly by Cash Monthly by Cash Monthly by Annually by Cheque, Postal Area 3 using a Swipe Card using a Swipe Card Direct Debit Order, Debit/Credit Card Standard Standard plus Standard Standard plus Standard Standard plus Standard Standard plus Sum Insured Extended Acc Damage Extended Acc Damage Extended Acc Damage Extended Acc Damage £4,000 £1.46 £1.86 £2.63 £3.49 £2.27 £3.17 £26.07 £36.35 £6,000 £1.96 £2.56 £3.72 £5.00 £3.41 £4.75 £39.11 £54.53 £9,000 £2.72 £3.61 £5.35 £7.28 £5.11 £7.13 £58.66 £81.80 £12,000 £3.47 £4.65 £6.98 £9.55 £6.82 £9.51 £78.21 £109.06 £20,000 £5.47 £7.45 £11.32 £15.61 £11.36 £15.84 £130.35 £181.77 All premiums are inclusive of Insurance Premium Tax at the current rate. Fortnightly and monthly premiums include a transaction charge. £4,000 to £35,000 available to residents in sheltered housing | £6,000 to £35,000 available to tenants aged 55 and over | £9,000 to £35,00 to all other tenants

Diamond

Fortnightly by Cash Monthly by Cash Monthly by Annually by Cheque, Postal Area 3 using a Swipe Card using a Swipe Card Direct Debit Order, Debit/Credit Card Standard Standard plus Standard Standard plus Standard Standard plus Standard Standard plus Sum Insured Extended Acc Damage Extended Acc Damage Extended Acc Damage Extended Acc Damage £4,000 N/A N/A N/A N/A N/A N/A N/A N/A £6,000 £1.92 £2.43 £3.86 £4.98 £3.86 £4.98 £42.16 £55.48 £9,000 £2.88 £3.64 £5.79 £7.47 £5.79 £7.47 £63.24 £83.23 £12,000 £3.84 £4.86 £7.72 £9.96 £7.72 £9.96 £84.32 £110.97 £20,000 £6.39 £8.09 £12.87 £16.60 £12.87 £16.60 £140.53 £184.95 All premiums are inclusive of Insurance Premium Tax at the current rate. Fortnightly and monthly premiums include a transaction charge. £6,000 to £40,000 available to tenants aged 60 and over | £9,000 to £40,00 to all other tenants

More Optional Extensions available

 Hearing Aids  Wheelchairs & Mobility

Scooters

 Structure of garden Huts,

Garages & greenhouses

Thistle optional extensions, what does it cost?

Diamond optional extensions, what does it cost?

Thistle Tenant Risks supply you with marketing and promotional literature, regulatory updates, application packs. And there’s a team which can give you support and answer any queries you may have.

How the Thistle Scheme works: Thistle Tenant Risks provide full administration of the Thistle Scheme, which includes:



Receiving and processing application forms



Issuing policy booklets and welcome letters



Collection of premiums



Chasing and dealing with arrears



Dealing with mid term amendments



Validating and issuing claim forms



Dealing with queries

The SFHA Diamond Insurance Scheme is administered by Uris Group

BENEFITS TO YOUR ORGANISATION …

 Reduces the number of liability claims  Reduces the time spent working with tenants following

an uninsured incident

 Helps promote a financial inclusion environment  Adds to your organisations social responsibility agenda  Assists your tenants in obtaining suitable and affordable

insurance to meet their lifestyles

 Provides you tenants with peace of mind

So what should we be doing?



Discuss at sign up



Include at assessment stage



6/8 week visit



Notice boards



Hand out flyers



Get to know the basics of the product



Use the Call Back Service



Talk about insurance – discuss at every

• pportunity, when we are face to face

with tenants the importance of having home contents insurance.

Let’s increase awareness!

Call back service !

Thistle Tenant Risks offer a call back service, supporters who use this service have seen an improvement in take up. It’s easy, all you need to do is ask your tenants at sign up or any other suitable time if they would like a call to discuss home contents insurance, we have a dedicated team who will call your tenants at a convenient time, to discuss home contents insurance. It’s not a sales call, it’s to help tenants understand cover with the option of taking out cover. We can share take up statistics with you on how this service has increased the number of insured tenants. Anyone interested in further details about this service please let us know.

Success …

 Whilst not compelled to provide TCI schemes, social

landlords have strongly supported and are committed to promoting financial inclusion.

 They also see benefits from insurance in making tenants

more financially resilient and more sustainable though less pressure on arrears and less claims against /disputes with them as landlord.

 Success in terms of take-up, is primarily dependant on

the degree of engagement of the landlord with the scheme.

Home Contents Insurance

Our message to tenants is – it’s their responsibility to protect their home contents and belongings ! Let’s change mindsets and attitudes towards the need for and value of Tenants Home Contents Insurance In this afternoon session we will talk about your ideas to increase take-up amongst your tenants …

Questions, discussions …

1:00pm – 2:00pm Ideas and discussions …