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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.  

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by Diamond Insurance Schem

Financial exclusion happens when people do not have the access to mainstream financial services or the capability to manage their money independently.  Anyone can find themselves financially excluded at different times and for different reasons in their life. Tenants are not only often living on low incomes, but also may have a range of complex needs including mental health, antisocial behaviour and (digital) illiteracy.

Many tenants can be without any income or bank accounts; others manage to pay bills, others may have difficulties accessing mainstream financial services because of their income, employment status or credit score.

Debt is a key issue in financial exclusion, as it not only affects people’s income, credit score and access to mainstream finances, but also people’s health, confidence and social networks.

The current system means that it is very difficult for some people to become financially included. For example, banks often require two forms of ID and utility bills to open a bank account. Not everyone has a bank account because the bank might have closed it, or some people have never had to open one.

Another issue is that most people in social housing do not have a home contents insurance policy, so if they were to suffer a fire, flood or theft, they will often be using their income on replacing their belongings, instead of paying rent. Financial exclusion does not only impact on people’s individual finances, but also has as a knock-on effect on other sectors like health, crime and housing.

The Scottish Federation of Housing Associations believes that every tenant in social housing should be able to access home contents insurance.

The SFHA Diamond Insurance Scheme was developed to assist the financially excluded, providing social housing landlords with a home contents insurance product solution for their tenants.

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 criteria.
  • You 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).
  • Covers theft, water damage, fire and many more household risks.

For more information regarding the Diamond Insurance visit:


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