Christmas is fast approaching and today is anticipated to be the busiest for those shopping online for Christmas presents, but are you sure your gifts and valuables are fully covered by your insurance?
MoneySupermarket.com is advising consumers to check the small print of their home contents insurance policy to ensure their Christmas gifts and valuables are fully covered.
Most home insurance providers apply an automatic uplift to the amount of home contents cover over the festive season, at no extra cost. The point to consider though is that the cover will vary by providers. For example, Direct Line automatically increase the value of contents cover by 5% per cent of the sums insured for several weeks, while Lloyds TSB give up to £3,000 increase one month before and after Christmas.1
Peter Harrison, insurance spokesperson at MoneySupermarket.com said: “With long dark nights upon us, and festive shoppers gearing up for Christmas, this is a prime opportunity for thieves to target homes.
“It is therefore important to find out exactly what you are covered for to ensure your gifts and presents are protected, otherwise you could end up being underinsured, impacting on any home insurance claim you make.
“For example, if you have £45,000 worth of contents in your home but are only insured for £30,000, your insurer might only pay two thirds of a claim, even if it is for less than £30,000.
“High value single items such as jewellery may need to be listed individually on a policy as insurers often have limits of £1,000 or £2,000 for single expensive items. It is also worth checking whether popular accessories such as mobile phones, iPods and iPads need itemising on a policy for being covered as possessions used away from the home.”
With help of MoneySupermarket’s here are some top tips to keep your home safe from thieves
- Lock all windows and doors before leaving the house
- Keep valuable items away from windows and out of sight from opportunistic thieves, ideally lock them away for safety
- Keep your locks up to date, five-lever mortise locks are recommended for external doors while windows should ideally have two bolt locks
- Install a good home security system
- If leaving the house for a longer period of time, put a timer on your light switches to imply you are at home
- If you are away, remember to cancel newspaper and milk deliveries and ask someone you can trust to open and close the curtains and collect mail
- Don’t leave keys in obvious places such as under a doormat and don’t leave keys close to a door – otherwise you could become the victim of a ‘hook n crook’ theft whereby a burglar can simply hook the keys through a letterbox and open the door
- Illuminate your visitors for their safety as well as your own – unwelcome visitors are less likely to loiter if they’re ‘in the spotlight’.
MoneyHighStreet comments: “Christmas can be an expensive time and a key part of this expense are down to presents so it’s vital to make sure your items are fully protected by insurance – both the gifts you are buying for others that are stored in your own home and of course the gifts you in turn receive from others.
Underinsurance is a big issue and whilst it’s good to see that many insurers are responding by automatically upping the limits on home insurance policies to cover the extra value in homes, it is important that you understand exactly what cover your particular policy provides.
It’s not just at Christmas though that being underinsured is a potential issue. Many people are hoarding valuable items, perhaps through collections, perhaps through gold and other jewellery or indeed as a result of inheriting them.
Take the time to check you have the correct level of cover and if need be get individual items professionally valued and specifically covered by your insurance – get the help of an insurance broker if need be.
|LV=||Increase of contents cover by 10% one month before and after Christmas.|
|Esure||During the period of three weeks before Christmas, your sums insured are increased by 15%.|
|Kwik-Fit Insurance||10% increase applicable of the sum insured during the months of November and December.|
|Swinton||Increase in contents cover by 10% for 30 days before and after the Christmas period.|
|The AA||20% increase applicable of the sum insured from 1st December to 6th January.|
|Direct Line||Automatic increase of 5% of the sums insured for several weeks either side of Christmas.|
|Budget||Increase in contents cover by 10% during the Christmas period.|
|Barclays||£3,000 increase applicable of the sum insured throughout December.|
|Lloyds TSB||Up to £3,000 increase one month before and after Christmas.|
|ibuyeco||For the month of December the sum insured will be increased by 10% of the sum insured.|
Sourced by www.moneysupermarket.com 16.11.2011