Liar buyers – shoppers who hide their purchases from their partners – could be jeopardising their home insurance, an insurance company warns.
Norwich Union found that men smuggle £864 million worth of secret shopping past their partners every year.
They sneak an average of £336 worth of designer clothes, gadgets and sports gear in, compared to women's £227 worth of secret spending, the insurance company reveals.
"If couples are lying to each other about the cost of what they are buying, are they also under-valuing their home contents insurance?" asks Rebecca Holmes of Norwich Union.
She warns that if home insurance policyholders fail to tell their insurance company what the true value of their belongings is, they could risk losing out in the event of claiming from their home insurance.
"We strongly advise couples to be upfront with each other about their spending in order to avoid bigger financial problems later down the line," Ms Holmes adds.
More than a third of liar buyers say they keep their shopping secret because they fear their partners will believe they have paid too much for their new goods.
Norwich Union is an Aviva company. Aviva is the world's fifth-largest insurance group and the biggest in the UK.
Its main activities are long-term savings, fund management and general insurance, including car insurance, motorcycle insurance and van insurance.
Liar buyer insurance on fire
Financial Services > Home lnsurance > Home Insurance News
Liar buyer insurance on fire
Fri, 24 Feb 2006
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