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Lying about price tags practised by 1 in 4, claims Halifax Home Insurance

Fri, 01 Jun 2007

In news that is sure to be of concern to many home insurance providers, it has been revealed that a quarter of British people have misrepresented the true cost of purchases to their loved ones.

According to a survey from financial services company Halifax Home Insurance, most women who lied to their boyfriends and fiancees did so after splashing out on designer clothing.

Some 80 per cent of women who told fibs decided not to disclose the true cost of clothes.

Of the men who lied, meanwhile, it appears that PlayStations and laptops were among the most popular items to misrepresent with 41 per cent distorting the price of electronic items.

Commenting on the findings, Vicky Emmott, senior manager of underwriting at Halifax Home Insurance, has warned about the implications for home insurance policies.

"Because of this secret spending, householders could find the contents in their home are underinsured if the person responsible for organising the policy is unaware of the true cost of items in the property," she explained.

Homeowners who are worried that they may be uninsured may need to contact their home insurance provider to increase the value of their home contents insurance cover.

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