2 out of 5 Londoners have no home insurance
Two out of five Londoners have no home insurance protection, according to new data.
Research by the Association of British Insurers (ABI) shows the number of home in the capital with contents insurance is presenting a major threat to people's finances.
The situation is getting worse as 22 per cent of people claim to save money in the last year they have cancelled or not renewed their home contents insurance.
The ABI - as a part of a national campaign - is targeting the 750,000 people who live in London in local authority or social housing.
These households face a greater risk of crime - being twice as likely to be burgled and a third more likely to be hit by arson - yet are least likely to be insured.
Nick Starling, the ABI's director of general insurance, said: "Many low-income Londoners struggle to access basic financial products, such as contents insurance.
"This makes it difficult for them to plan for the future, and leaves them at the mercy of unwelcome events, such as burglary."
The ABI, insurer Aviva and insurance broker Aon, are today meeting with London London local authorities and housing associations to develop and promote more tenants' insurance schemes.
Such schemes are designed to be sold by social landlords to tenants and be a low cost alternative to home insurance policies available on the high street.
Polices also tend to allow for lower amounts to be insured - so bringing down premiums - and also lower minimum security requirements.
Premiums can be paid with rent, and payouts in some cases are provided in cash if needed.
"Helping landlords provide tenants insurance will ensure that many unprotected and vulnerable Londoners have the financial protection they need," said Mr Starling.
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