Do tenants need home insurance?

Home insurance is a vital form of protective cover for homeowners, as it provides valuable protection against the financial losses related to damage to the home, or damage, theft, or loss of belongings. Read more

Tags: home, belongings, possessions, theft, fire, Insurance, cover, rented, damage, tenant

Parents urged to insure kids’ belongings

Parents in the UK are being urged to insure the belongings of their children, as they head off to school and college armed with everything from their text books and pencils to their mobile phones and games consoles.

Children these days, particularly secondary school and college students, carry a range of valuable items with them, and the cost of replacement if the items get accidentally damaged, or are lost or stolen, can be extortionate.

According to recent research the value of items that the average secondary school student now carried around is about £250. Parents of secondary school and college kids are therefore being advised to make sure that their children’s more expensive belongings, such as hand held consoles and mobile phones, are insured to avoid the financial implications of loss, damage, or theft.

Research shows that around 20% of secondary school students carry a hand held games console, and around three in five have a mobile phone that they carry with them. Additional cover may be needed for items such as ipods, MP2 players, and even musical instruments, which can prove to be very costly to replace if they are accidentally damaged or stolen. Sports equipment also needs to be covered wherever possible, as this can also prove costly to replace. Parents are urged to contact their insurance companies and ask for the items to be covered under personal possessions.

There are a number of insurance companies that can offer this type of cover, and parents are advised to shop around to make sure that they get affordable cover that offers competitive prices without compromising on the level of cover provided.

Tom Smith
17th October 2007

Tags: belongings, personal, Insurance, claim, lost, valuable, kids, companies

Make sure your kids’ belongings are insured

Parents in the UK are being urged to ensure that their children’s belongings are insured after research showed that kids today carry around an array of expensive gadgets and items when going to school or college.

This includes mobile phones, MP3 players, iPods, handheld games consoles, digital cameras, and even expensive jewellery in some cases. Industry experts state that the cost of replacing the items should they be lost, stolen, or damaged could be very high, and therefore parents should make sure that there is adequate insurance in place.

In addition to a range of expensive gadgets and jewellery, many kids also carry costly sports equipment or musical instruments to school or college, and again the cost of replacement in the event of loss, damage, or theft can be very high. Parents are urged to ensure that the insurance cover in place covers all of these items, so that there is no financial loss in the event of a loss, theft, or damage to the items.

According to a recent survey around three in five school and college kids carry a mobile phone, and around one in five carry a handheld games console. As an increasing number of mobile gadgets comes on to the market, kids today are going to school laden with an array of expensive items making them targets for thieves. The average student now carries around £250 worth of items according to reports.

Insurance experts advise parents to contact their insurance companies and ensure that the goods carried around by their children are covered under personal possessions. Parents may want to shop around to compare the cost of this cover, as it can vary from one provider to another. Parents should also make sure that they disclose all expensive items that their child carries to ensure that the cover provided is adequate.

Tom Smith
9th October 2007

Tags: belongings, items, Insurance, kids, companies, personal, children, cover, home

Students urged to cover contents

A significant number of the UK’s students could be starting the year’s learning with inadequate home contents insurance, putting them at risk of financial loss.

That is according to new research from Abbey, which found that around 30 per cent of undergraduates will probably start the academic year without protecting their belongings.

Despite the fact that 95 per cent own a computer, some 14 per cent of students have not thought about insuring their possessions or think they are not of a high enough value to warrant cover.

Some seven per cent said they would not afford the cost, while nine per cent didn’t get around to arranging it or spent the money for it on something else.

“Over 60,000 students believe the value of their belongings does not justify buying insurance, but we find many people are shocked with how much their belongings are actually worth,” said Abbey’s head of insurance marketing, Prasad Shastri.

The study also found that students will take around £3,300 on average worth of items with them to university this year.

A separate report from Cornhill Direct encouraged parents recently to check their own home insurance policies to ensure they cover student offspring’s belongings.

Tags: risk, student, home, money, Business and Economy, university

Carry on insuring

With Bank Holiday approaching many people in the UK will be considering a caravan holiday.

Recent research shows that caravanning is quickly reaching popularity levels not seen in the country for decades and is being given an extra injection of cool with a number of high-profile celebrities choosing to spend their holidays this way.

The likes of Kate Moss, Robbie Williams and Jamie Oliver have been spotted enjoying a caravan holiday and the rest of the UK seems to be following suit.

However, Co-operative Insurance (CIS) is warning first-time caravanners to ensure that they have adequate insurance to cover a break of this kind.

“Many people take caravan breaks to escape the pressures of everyday life but it is important that holidaymakers are aware of the potential dangers and keep a watchful eye on their caravan and belongings to ensure that their trip remains stress free,” said David Neave from CIS.

According to the insurance firm, the average caravan claim sits at £1,826, with the most common problem being theft.

This is closely followed by storm damage, a crash, vandalism and accidental damage to contents.

CIS warns carvanners to take precautions such as immobilising the mobile home whenever they stop, fitting an alarm and locking doors and windows.

Tags: belongings, caravan holiday.Recent research, break, country, cool

Brits Seriously Undervaluing the Cost of Their Home Contents

New research published by Legal & General indicates that most Brits are seriously undervaluing the cost of replacing their home contents when it comes to filing a home contents insurance policy. 

The average UK homeowner currently values the possession in their home to worth a mere £14,300, whereas the actual cost of replacing most items found in an average UK home would likely cost more than £38,000.  Alone, the average UK living room now contains electrical and other goods that make the value of replacing these exceed £10,500.

With research undertaken recently by the Halifax Home Insurance showing that burglaries and house theft levels in the UK increasing by as much as 8%. During the winter months, UK home insurance providers are not only cautioning homeowners to take extra precautions to ensure the safety of their homes but are also asking policyholders to take a careful look around their home and make sure they are reflecting a true value to the value of the contents.

Moreover, with the average UK homeowner unlikely to amend their home contents insurance dramatically year-on-year, a big question remains whether UK households take into account items purchased for their homes in the previous calendar year when renewing their home contents insurance.  Given that new electronic items can be expensive, UK home contents insurance policyholders should also be taking a close look at whether or not the threshold value of home contents is being reached and whether or not new expensive items need to be reported individually when renewing a home contents insurance policy. 

Special attention should also be given to any new jewellery items you may have purchased in the last year, as these are also unlikely to be covered under any general home contents insurance policy unless they have been specifically identified.  In this regard, it is generally advised that any UK household photograph new items purchased so that they can keep a log of all of the items in their home.  Photographing home contents is also much easier when it comes to making any claim on your UK home contents insurance policy.

Reflecting this general opinion among home contents insurance providers in the UK, Andy Dawson, operations director at Legal & General, commented, “From the survey findings it would appear that insurance cover loss of property from the home could be over £20,000 below the level it should be.  We would suggest that everyone take the research findings as a prompt to review their home contents and check the insurance cover they have in place”.

Tags: claim, home, costs, Insurance, valuables, contents, in, burglary, break, fire