Home insurance theft claims could double

According to specialist insurer, Hiscox, the recession could lead to a significant rise in theft related home insurance claims. It suggests these claims could double by the end of 2009.

Hiscox believe that as a result of a period of prosperity and a general rise in a consumer culture more valuable personal possessions have been accumulated.

According to Hiscox, home owners have, on average, three times more portable valuables such as digital equipment (e.g. flat scree televisions, MP3 players and iPods), jewellery, watches and fine art, than a decade ago.

Hiscox data shows that the value of customers’ contents insurance has increased by 20% over the last 5 years.

Home owners need to ensure they take steps to help avoid being burgled and to minimise the impact in the unfortunate event that they are burgled.

Locking doors and ensuring main doors are fitted with 5 lever mortice deadlocks and hinge bolts will help. Amazingly Hiscox advise that in one third of all house burglaries, thieves don’t need to force entry rather they enter through an open door or window.

Ensuring that you put valuables away is important. In particular don’t leave your car keys on display as thieves target people with valuable cars and can try and ‘fish’ for the keys, through a letterbox for example.

Other steps you can take include installing a safe for valuables and also installing movement activated or dawn to dusk lights to deter unwanted visitors.

Critically when you take out home insurance, make sure you get the cover you need so that in the event that you have to make a theft claim, or any other claim, that you are fully covered.