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Don’t credit crunch your insurance this Christmas

Don’t credit crunch your insurance this Christmas

Category: Home insurance

Updated: 26/11/2008
First Published: 24/11/2008

MONEYFACTS ARCHIVE
This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

We may be in the middle of the credit crunch with Christmas sales sitting at their lowest for 30yrs, but predictions of record online sales, and spending figures of £82.3 billion (in the three months up to January 1st), according to Virgin Money, are being made.

What does this mean? It means that houses this year will be full of festive presents, therefore pushing up the value of the contents. So in case any burglars are tempted, have you checked your home insurance?

Insurers can refuse to pay out any claims if you are underinsured and this goes for individual expensive items belonging to relatives and friends.

The majority of home content policies automatically offer extra cover at Christmas time, however some do not. It's good to know where you stand before the festivities start.

Virgin Money spokesman, Grant Bather, said: "We might all be tightening our belts and cutting back but Christmas is still a time to enjoy yourself and to catch up with friends and family.

"But of course just because it's Christmas it doesn't mean that burglars stop working and that accidents do not happen. We'll still be spending and buying presents and entertaining and that means potentially thousands of pounds worth of extra goodies in homes over Christmas. Homeowners should be vigilant and ensure that they have adequate insurance and protection in place."

Virgin Money urges homeowners to take the following simple steps.

Don't keep your Christmas presents in clear view through windows.

  • Check your home contents policy to see if you get an automatic cover increase over the festive period.
  • If you are buying expensive items (such as jewellery or electrical goods) update your existing policy so your insurer knows you have them in the house.
  • Keep receipts and proof of purchase for expensive items.
  • If you are away from your home over the festive season, make sure that someone is able to check on your house every day or so.
  • Make sure that all of your valuables are locked up and safe.

Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

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