New insurance provider will give even better value for money for tenants
An exclusive West Lancashire Borough Council scheme to provide home insurance for its tenants has just got even better. The Council is changing providers from 3 June 2019 and the scheme will now be underwritten by Allianz Insurance plc.
Premiums, which were already very competitive, have been reduced significantly while the level of cover has been enhanced.
This means a policy with £6,000 sum insured (including accidental damage) the premium has reduced from £1.10 per week to 71p per week. The weekly charge for £9,000 worth of cover (including accidental damage) the premium has dropped from £1.65 to £1.06.
There is now a wider range of cover available (from £4,000 to £50,000) and premiums are frozen for the next five years (apart from if the Insurance Premium Tax set by the government goes up). Other new benefits include accidental damage now being included as standard. Optional extensions are available for an additional premium, this includes cover for personal possessions away from home; mobility scooters/wheelchairs; cover for structures such as garages and sheds, and even hearing aid cover.
Previous advantages of the scheme are also retained, including: No excess to pay on any claims; individual premiums don’t go up if a claim is made against the policy; Insurance doesn’t cost any more if the premiums are paid on a weekly, monthly or in a one-off annual payment
Although the scheme is underwritten by Allianz Insurance Plc, it is managed by the Council so tenants have a local point of contact at the authority for queries and claims. Jacqui Sinnott-Lacey
Director of Housing and Inclusion, said “We would really encourage our tenants to sign up for this scheme so that they are protected should the worst happen. There are also great competitive rates which are flexible to suit individual needs.”
All of which begs the questions, what profit does WLBC make from this deal, and what does it cost for WLBC management of it? We should be told. Allianz is the market leader in the German insurance market.