Confused.com reveals that overvaluing possessions could lead to a higher insurance premium
Confused.com has revealed new research that shows many people may be overvaluing their possessions, leading to them paying more than they need to for home insurance.
Confused.com has revealed that valuing contents incorrectly could see customers paying more than they need to for home insurance.
According to new research by Confused.com, in 2011, the average amount people are valuing their home contents at is £50,000 with the most expensive value being £5 million.* Some of the most unusual items insured in 2011 included an astronaut autograph collection, a hot tub and a signed 1966 world cup final programme.
But Confused.com are warning that although these possessions may mean the world to their owners, getting them valued correctly is essential as people may be paying more for their home insurance than they should be.
With the economy taking a turn for the worst, Confused.com is urging homeowners to be money savvy and remember that home insurers will only pay out the market value of an item, so it is false economy to insure your contents for more than they are worth.
Mark Gabriel, Head of Home Insurance at Confused.com said: "People always ask whether they need home insurance. Home insurance gives peace of mind should the worst happen. Everyone places a different value on their possessions but getting the right amount of cover is important.
"Do your research when valuing your home contents as you want to make sure you are not over-estimating and paying a larger insurance premium than you should be. On the flip side, one of the most common problems is under-insurance for contents because many people do not realise the value of possessions.
“There is so much competition when it comes to home insurance providers on the market today, so use a price comparison website to ensure that you get a great deal and get your worldly possessions insured, no matter how unusual they are.”
Notes for Editor
* Source Confused.com home insurance quote customers (last quote per customer) for H1 2011. Figures based on 320k buildings and contents quotes (combined)
Confused.com was the UK’s first price comparison site for car insurance. Confused.com is one of the biggest and most popular price comparison services. Launched in 2002, it generates over one million quotes per month. It has expanded its range of comparison products over the last couple of years to include home insurance, travel insurance, pet insurance, van insurance, motorbike insurance, breakdown cover and energy, as well as financial services products including credit cards, loans, mortgages and life insurance. Specialist home insurance products comparison also includes buildings insurance and student home insurance.
Confused.com is not a supplier, insurance company or broker. It provides a free, objective and unbiased comparison service. By using cutting-edge technology, it has developed a series of intelligent web-based solutions that evaluate a number of risk factors to help customers with their decision-making, subsequently finding them great deals on a wide-range of insurance products, financial services, utilities and more. Confused.com’s service is based on the most up-to-date information provided by UK suppliers and industry regulators.
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