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UIA Insurance News

01st April 2009

Individuals 'undervaluing their possessions'

Many UK homeowners are undervaluing the amount of possessions which they own, leading to jeopardised claims where individuals are not fully covered in the event of an emergency.

It was recently revealed that the average homeowner believes their possessions to be valued somewhere in the region of 15,000; however, this figure actually stands closer to 45,000 when all the furniture, electrical equipment, clothes and other items which a person owns is added up.

It noted that the average living room alone will contain goods valued in excess of 10,500 - highlighting how easy it is for many homeowners to undervalue their belongings.

Therefore, individuals have been urged to ensure they have adequate cover in place to avoid getting a nasty surprise should the time come when these things need to be replaced.

Meanwhile, Rachel Pyne, head of customer services at BuildStore, recently urged individuals looking to make home improvements to contact their insurers prior to carrying out any work, as doing so could invalidate their current policy.

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