Compare The Market have done some interesting research into the insured value of your home contents and the actual value. All the hi-tech gadgets in our homes these days demand that you increase the v
June 4, 2007 (Press Release) --
Hi-Tech Homes At High Risk
* £160 billion uninsured possessions in the UK
* 50 per cent “show homes” in UK with luxury gadgets and designer furniture
* 20 per cent care more for possessions than house itself
* Men more likely to make a false claim
With homes containing the latest gadgets, gizmos and designer labels for general household items as well as clothing, our home insurance barely covers the basic fixtures and fittings, leaving an alarming £160 billion of our prized possessions uninsured according to shocking new research out today.
The average home contents policy provides cover for up to £35,000 of our goods should the worst happen, but according to online insurance comparison site COMPAREtheMARKET – which commissioned the survey of over 1,000 UK homeowners – over half of all households (57 per cent) estimate their valuables are actually worth up to £50,000.
Worryingly, nearly a third (27 per cent) confess to making a “conservative guess” when it comes to totting up the value of their belongings in order to keep insurance premiums low. A further 15 per cent of homeowners admit to not even bothering to take out home contents cover at all - meaning even more of our high price tag belongings are left uninsured.
Keeping up with the Jones’
Keeping up with the Jones’ is not a new phenomenon but technological advancements mean a new hi-tech generation is making more of us (20 per cent) concerned with what’s in the house than the house itself. An image conscious few (5 per cent) claim they’d much rather invest in their own appearance than their home’s by spending more on personal fashion than household DIY.
And following a spending blow out on this season’s Jimmy Choo’s, a plasma TV to rival the local cinema or top of the range gadgets such as a video Ipod or digital photo frame, a quarter of us (25 per cent) fail to update our insurance policy, leaving those precious new purchases ominously uninsured.
Of their existing policies, 18 per cent claim they are already in the dark when it comes to understanding what is and isn’t covered, and 19 per cent wouldn’t consider making a claim for a lost or damaged item as they believed this not to be included in their cover.
There’s no place like home…
…especially in the South where homeowners prefer to kit out their homes with designer and luxury items such as a Moben kitchen and limited edition Royal Dalton glassware (42 per cent) but are the worst at ensuring their belongings are properly protected, with 18 per cent failing to take out contents insurance.
Of those who have cover, homeowners in the South are more savvy when it comes to making their insurers pay up for lost or damaged items (24 per cent) leaving homeowners in the North shelling out double to replace beloved items when accidents occur.
However, Northerners are more practical when it comes to regularly updating their policies after major shopping splurges (18 per cent) and similarly, a cautious 18 per cent go as fa
* £160 billion uninsured possessions in the UK
* 50 per cent “show homes” in UK with luxury gadgets and designer furniture
* 20 per cent care more for possessions than house itself
* Men more likely to make a false claim
With homes containing the latest gadgets, gizmos and designer labels for general household items as well as clothing, our home insurance barely covers the basic fixtures and fittings, leaving an alarming £160 billion of our prized possessions uninsured according to shocking new research out today.
The average home contents policy provides cover for up to £35,000 of our goods should the worst happen, but according to online insurance comparison site COMPAREtheMARKET – which commissioned the survey of over 1,000 UK homeowners – over half of all households (57 per cent) estimate their valuables are actually worth up to £50,000.
Worryingly, nearly a third (27 per cent) confess to making a “conservative guess” when it comes to totting up the value of their belongings in order to keep insurance premiums low. A further 15 per cent of homeowners admit to not even bothering to take out home contents cover at all - meaning even more of our high price tag belongings are left uninsured.
Keeping up with the Jones’
Keeping up with the Jones’ is not a new phenomenon but technological advancements mean a new hi-tech generation is making more of us (20 per cent) concerned with what’s in the house than the house itself. An image conscious few (5 per cent) claim they’d much rather invest in their own appearance than their home’s by spending more on personal fashion than household DIY.
And following a spending blow out on this season’s Jimmy Choo’s, a plasma TV to rival the local cinema or top of the range gadgets such as a video Ipod or digital photo frame, a quarter of us (25 per cent) fail to update our insurance policy, leaving those precious new purchases ominously uninsured.
Of their existing policies, 18 per cent claim they are already in the dark when it comes to understanding what is and isn’t covered, and 19 per cent wouldn’t consider making a claim for a lost or damaged item as they believed this not to be included in their cover.
There’s no place like home…
…especially in the South where homeowners prefer to kit out their homes with designer and luxury items such as a Moben kitchen and limited edition Royal Dalton glassware (42 per cent) but are the worst at ensuring their belongings are properly protected, with 18 per cent failing to take out contents insurance.
Of those who have cover, homeowners in the South are more savvy when it comes to making their insurers pay up for lost or damaged items (24 per cent) leaving homeowners in the North shelling out double to replace beloved items when accidents occur.
However, Northerners are more practical when it comes to regularly updating their policies after major shopping splurges (18 per cent) and similarly, a cautious 18 per cent go as fa
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