Protect your expensive wedding gifts
May 31, 2007 by admin
Filed under News, News-Insurance
A new report has highlighted the importance of home insurance for newly weds, citing the cost of ever extravagant wedding gifts as the main reason for needing to get home insurance cover pretty much right away following the wedding.
According to reports wedding gifts are getting more and more extravagant, and with gifts as expensive and luxurious as plasma screen TVs and the like being purchased as wedding gifts in some cases, home insurance cover is more important than ever for newly weds with thousands of pounds worth of presents.
Research was carried out by NFU Mutual, which showed that under ten percent of newlywed couples actually check their insurance policies immediately after the wedding, which means that millions of pounds worth of extravagant wedding gifts could be at risk, as it could be left in the new homes of newlyweds as they jet off to enjoy their honeymoon still caught up in the excitement of the wedding.
Research also showed that many newlyweds couldn’t remember whether they had checked their policies or not following the wedding. Officials reports that millions of pounds are spent on wedding gifts each year in the UK, and those gifts could be at risk from damage or theft – particularly if they are being left in the house whilst the couple go on honeymoon – which could mean huge financial losses for the newlyweds just as they embark upon their married life together.
One official from NFU Mutual stated: “There is a great deal of excitement in the run up to a wedding and naturally, the practicalities of checking your home insurance can sometimes be forgotten.”
Tom Smith
31st May 2007
Brits Seriously Undervaluing the Cost of Their Home Contents
November 2, 2006 by admin
Filed under News, News-Insurance
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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”.
