Include the financially excluded - Home Contents Insurance
The Diamond Insurance Scheme is a specialist home contents insurance scheme that's offered to members by SFHA in conjunction with Thistle Insurance Services Limited.
HOME CONTENTS INSURANCE FOR VULNERABLE CUSTOMERS
A vulnerable customer is defined as someone who, due to their personal circumstances, could be especially susceptible to detriment. There are many types of vulnerability including
- Health – health conditions or illnesses that affect the ability to carry out day to day tasks
- Life Events – major life events such as bereavement, job loss or relationship breakdown
- Resilience – low ability to withstand financial or emotional shocks
- Capability – low knowledge of financial matters or low confidence in managing money. Low capability in other relevant areas such as literacy or digital skills.
*Research suggests that over half of us display one or more vulnerability characteristic(s) at any given time. Customers in vulnerable circumstances may be reluctant to disclose that they are vulnerable or would not recognise themselves as such. The Scottish Federation of Housing Associations (SFHA) Diamond Insurance Scheme was developed to assist vulnerable customers, providing social housing landlords with a home contents insurance product solution for their tenants.
Home Contents Insurance may help tenants who are living on low incomes or displaying other signs of vulnerability.
Tenants may not have access to a bank account or have difficulties accessing mainstream financial services because of their income, employment status or credit score. Debt may also be a key issue, as it not only affects people’s income, credit score and access to mainstream finances, but also an individual’s health, confidence, and social networks.
Because of these vulnerabilities it may be difficult for some tenants in social housing to obtain a home contents insurance policy. Meaning, if they were to suffer a fire, flood, or theft, they may not have financial protection and may have to use their everyday income to replace their belongings.
The Scottish Federation of Housing Associations (SFHA) believes that every tenant in social housing should be able to access home contents insurance.
- Some of the benefits for tenants:
- Apply over the telephone or complete an application form.
- There’s no requirement for a bank account.
- No financial questions are asked as part of the acceptance criteYou don’t need to have special door or window locks (just a lockable front door).
- Flexible regular payment options (fortnightly and monthly premiums include a transaction charge).
- Cover for theft, water damage, fire and many more household risks.
Limitations and exclusions apply. For more information regarding the Diamond Insurance visit:
* Source: Freshfield Brackhaus Deringer
The Diamond Insurance Scheme is a product name arranged by Thistle Tenant Risks on behalf of the Scottish Federation of Housing Associations and administered by URIS Group. The Diamond Insurance Scheme is underwritten by Royal & Sun Alliance Insurance Ltd. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Royal & Sun Alliance Insurance Ltd, No 93792 Registered in England and Wales at St. Mark’s Court, Chart Way, Horsham, West Sussex, RH12 1XL. Thistle Tenant Risks is a trading style of Thistle Insurance Services Limited. Thistle Insurance Services Limited is authorised and regulated by the Financial Conduct Authority FRN 310419. Registered in England under No. 00338645. Registered office: Rossington's Business Park, West Carr Road, Retford, Nottinghamshire, DN22 7SW. Thistle Insurance Services Ltd is part of the PIB Group.
Our Data Protection Privacy Policy is online at https://www.thistleinsurance.co.uk/Privacy-Policy