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Home insurance needed to cover gifts, experts say

Mon, 07 Jan 2008

Failure to check home insurance cover means many Britons' possessions are at risk of damage, loss or theft following the Christmas period, it has been suggested.

According to Fair Investment Company, more than two million individuals who have not checked their home contents insurance policies could be leaving over £20,000 worth of possessions at risk.

The firm noted that one home insurance policy in seven does not offer extra cover over the festive period, when the average Brit buys 18 presents each and spend some £384 on presents.

It added that 72 per cent of the UK's privately rented homes have no home contents insurance in place.

James Caldwell, Fair Investment Company director, said that Christmas gifts are becoming more and more expensive.

"Christmas is meant to be a time of enjoyment . however, the good times can quickly go bad if there is a breakage or, worse still, a burglary," he commented.

"The amount of money lost can really mount up, especially if you don't have a policy that covers all your new purchases."

PayPal recently noted that some £78 million worth of Christmas gifts could be unwanted, with 79 per cent of those polled by the online payment solution firm saying they receive presents they don't want.
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