Insurance Compare Insurance

Recent figures suggest that in the lead up to Christmas, we each spend an average of £385 on presents for friends and family, although you may spend vastly more than that, if your present list includes valuables such as jewellery or the latest ‘must have’ gadget/s. Thankfully, many home insurance providers are prepared for the increased value of goods you are likely to have in your home during the festive season; many will automatically increase your home contents cover for the duration of the holiday period (usually from early December to mid-January) at no extra charge, allowing for the additional value of presents sitting - at potential risk of theft or fire - under your tree.

But how much consideration have you given to your home contents insurance post-Christmas? Findings from a recent survey conducted by NFU Mutual revealed that 23% of respondents maintained their UK home insurance at the same level every year, despite the fact that they had generally accumulated more expensive items in their homes over the years.

And, of course, if there is one time of year when you are more likely to find yourself in possession of more valuable goods, it is now - not only because of Christmas spending but also because of the allure of the January sales. If you have been lucky enough to receive, or you have recently bought, for example, an iPhone, laptop, television, or even a diamond necklace/ring, have you checked your home contents insurance to ensure it reflects the value of your new acquisitions? After all, according to Home Office statistics, burglaries increase between October and January. If you’re the victim of a burglary and you haven’t updated your policy, you may find you’re inadequately covered for any loss.

In addition, with the Christmas and sales rush now over, it’s also worth checking whether you need to update your home insurance to cover individual, high-value items. Anything over the value of £1,000 may need to be insured separately - don’t just leave it to chance or you may find your insurance provider won’t pay out, should you need to make a claim.

Most of us live far more mobile lives these days, taking our valuable possessions with us, wherever we go. Recent research by home insurance provider Esure showed that even a teenager’s school bag could be worth an average of £265, as it would be likely to include a mobile phone, a hand-held games console and an iPod or MP3/MP4 player. Add to that, say, a musical instrument or, for an adult going to work, a laptop, and the value could be far higher. It may therefore be worth checking you do not just have adequately updated home insurance, but that you add "personal possessions away from the home" cover to your existing home insurance policy, just to ensure your most valuable belongings are insured on the move.

Enjoying your Christmas presents or January sales purchases is one of the few benefits to the long, dark post-Christmas months; just make sure you don’t lose out, should the worst happen, because you haven’t updated your home insurance.