Make sure to update your contents policy
AFTER being confined to our homes and gardens over the past few months, it is perhaps no surprise that online shopping sales have rocketed. Gaming and electronics have seen a huge jump in sales, with increased demand for laptops, smart TVs and games consoles. While the rules on outdoor exercise have now been eased, the initial hour a day restrictions, combined with the closure of sports clubs and gyms, has seen demand for home gym equipment soar and sales of bikes double. These can be expensive items and Simon Stanney, general insurance director at Sun Life, is warning homeowners to make sure they are covered for any new purchases under their contents policy. He said: “Insuring your home and its contents for the right amount is crucial to guarantee any claim you make will be paid in full. If you make a claim for a certain amount and your insurer discovers you’ve said your possessions are worth less than their true value – even if you have done this accidentally – you will receive less money or may not get a payout at all. “So if you have bought a new bike, new garden furniture or upgraded your home tech, make sure you ask your insurer to confirm that your policy provides sufficient cover for your needs.”
If you have anything of value in your garden, like large paddling pools, trampolines or BBQs, then you need to check they are covered. Some insurers cover theft or damage of garden contents as standard, but others don’t.
The other potential area for risk when it comes to home cover involves accidental damage, Simon warned.
He said: “Now that we’re all spending so much time at home, and are doing more activities that could cause damage – like DIY and working out – the risks of accidents in the home and garden have increased. Some policies do not include accidental damage as standard but it should be fairly easy to add on for an additional premium.”