People who rent property are being given the chance to purchase home insurance which they pay for on a weekly, fortnightly or monthly basis along with their rent.

The move is part of the Association of British Insurers' (ABI) initiative to remove the barriers to financial inclusion and the schemes are to be run by local authorities and housing associations.

James King, assistant director, markets and regulation, believes the scheme will allow insurers to provide expertise from the insurance, housing and local government sectors on how to improve the uptake of home contents cover.

"For people on low incomes, buying insurance is sometimes not a priority. However, it is often the most vulnerable who can benefit the most from insurance," he said.

Recently, Peter Staddon from the British Insurance Brokers' Association claimed the devastation caused by last year's floods was proof of the need for people to take out home insurance cover.

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