Daily Express

Boost insurance to cover expensive Christmas gifts


GENEROUS grandparen­ts are set to spend £140 on each grandchild this Christmas, an increase of £14 on 2022, despite the cost-of-living crisis.

With an average of four grandkids each, that is a total spend of £560 on their presents alone, according to research from SunLife. But almost half of parents think their parents and in-laws are spending too much.

The insurer also found that top choices on kids’ wishlists this year include LEGO, Airpods, Nintendo Switch games and a trampoline.

Cash is the number one choice for children between eight and 16 – with almost half preferring it over presents, vouchers, or experience­s – rising to more than six in 10 teenagers, who would rather choose their own gifts.

With more valuables in the house and darker nights encouragin­g break-ins, home contents insurance is more important than ever at this time of year. Comparison site Go.Compare reviewed 335 contents policies and found 82 per cent offer to increase contents cover around Christmas.

Some insurers specify the actual amount but others offer a percentage increase in the total “sum insured”, said the site’s home insurance spokespers­on Ceri McMillan: “It is important to re-evaluate your sum insured regularly, especially after major purchases, to maintain the right amount of cover.”

The sum insured is the maximum amount your insurer will pay out for a claim. “It’s an important number because if your sum insured is less than it would cost to replace all your possession­s, you’ll have to make up the shortfall if something happens.”

If you overvalue your home contents, you will pay higher premiums than you need. “It pays to get it right,” McMillan said.

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