Paying for peace of mind: access to home contents insurance for low-income householdsAuthors: Claire Whyley, James McCormick, Elaine Kempson
Funded by: Joseph Rowntree Foundation
Published by: Policy Studies Institute
Publication date: 1998
Report number: PSI Report No. 852
According to a national survey of households both with and without home contents insurance, one in five households are without home contents insurance, including a high proportion of those most likely to need such insurance. This book provides details of what types of household are least likely to be insured and their reasons for not having a policy. It identifies two key groups:
- Those who have let a policy lapse because of a drop in income.
- Those who have never been insured, who have always lived on low incomes and who are, effectively, excluded from financial products.
As well as assessing the risks and consequences of being uninsured, the report examines insurance provision for low-income households, including a detailed analysis of the policies and practices of insurance companies from direct insurers to home service providers. It also explores a range of affordable insurance schemes operated through intermediaries such as local authorities, housing associations and credit unions. The book concludes with an analysis of the practical ways of increasing access to home contents insurance for those who are currently uninsured.
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