Are you protected from festive thieves?
With a quarter of Brits spending more than £700 on festive celebrations, Swinton Insurance is calling on all households to check that that the gifts under their tree are protected from burglaries.
According to the insurance company a total of £25 billion will be spent on Christmas gifts this year and although only 25% will be spending more than £700 treating friends and family, around two-thirds will still see their spend top £400.
However, despite households spending such large sums on Christmas gifts, more than three-quarters of those surveyed said that they had no idea whether they were covered by their home insurance policy.
Many household contents policies will increase in value to cover gifts in the 30 days before and after Christmas – this might be by, say, 10% of their current value or by a fixed amount.
Mark Hallam, head of products at Swinton Insurance, said: “It’s well known that burglaries can spike during the darker winter months. When combined with the presence of expensive gifts – either wrapped under the tree, or gratefully received on Christmas morning – having an appropriate level of contents insurance becomes more important than ever.”
This is particularly important for those purchasing big-ticket items for loved ones such as jewellery or the latest technology.
He added: “While many household items are likely to be covered as standard by most contents insurance policies, more valuable items such as smartphones, laptops and jewellery may require listing separately and require payment of an additional premium.
“The automatic increase offered by many insurers is designed to be an interim measure, so customers should make a note to review their contents insurance after every major event, including Christmas, to check that it is still providing the cover they need.”
Does exactly what it says on the tin: covers the contents of your home for theft and damage and also may insure certain possessions (jewellery, cycles) outside of the home. Things to watch for include the excess and also the maximum payout on individual items. Another grey area is kitchen fittings, as some contents policies say these are not contents but part of the fabric of the property and covered by buildings insurance and some buildings policies don’t cover them because they regard them as contents.