North Lanarkshire Council has approved a new insurance policy offering significant savings for people who have bought their own council house.

The new policy, with ATD General, provides buildings insurance cover for owners of former council properties bought under the right to buy legislation. The company was selected to provide the insurance cover following a competitive tender exercise, and the council has contacted existing clients of the company to ensure the standard of service it provides.

Under the new deal, residents can obtain a standard buildings insurance policy or a policy for extended accidental damage cover. There is no excess on either policy, except in the case of subsidence where there is an excess of £1,000.

Residents would see a significant saving on the previous policy: on a policy for £100,000, the annual saving would be £48.50 on a standard policy and £21.50 for extended accidental damage cover.

Councillor John Pentland, Convener of the Policy and Resources (Finance) Sub-Committee, welcomed the new policy, saying:

"Buildings insurance is essential for home owners and offers peace of mind in the event of any problems with your home. The council has obtained an excellent deal on this insurance for those people who have taken up the right to buy option on their former council house. The policy offers value for money and a saving on previous policies.

"The council acts as an agent for the buildings insurance policy and we collect annual premiums, issue annual accounts and provide claims forms when required. In return, we receive a commission from the company, which we reinvest directly in local services for the benefit of our residents."

For more information about the insurance policy, contact Lauren Anthony on 01698 302304.