Yet the average value of a person’s most prized possession stands at almost £5000, with laptops, jewellery and bicycles topping the list of the most insured items ..
Almost half of UK homeowners and renters (47%) are leaving their valuables vulnerable by not having any form of home protection in place, that’s according to new research by Confused.com. This is concerning, given the fact that the average value of a person’s most prized possession stands at a hefty £4,989 – risky! Although, it’s not surprising that this value is so high, as almost all age groups claim their most valuable possession is some form of technology, such as computers, laptops and cameras. However, for those aged 65 and over, jewellery, including diamond rings, bracelets, and necklaces, tops the list.
And this is reflected in the items Brits are looking to protect on their insurance. According to Confused.com data , the most popular items to be quoted for insurance across all age groups are laptops, followed by jewellery and then bicycles. However, other popular items include:
- Musical instruments
- Audio equipment
- Golfing equipment
When looking at the different age groups, some of the more popular items to insure for those aged 71-75 include hearing aids and pictures. But, for those aged 21-25, tech items are some of the most popular to insure, with PC accessories, mobile phones and televisions high up the list. Interestingly, clothing is also featured as a more popular item for this age group.
And while many people don’t have sufficient home security in place to protect their belongings, having a secret hiding spot is proving a popular alternative. The most popular hideaways include safes (23%), secret compartments inside wardrobes and furniture (21%) or in amongst clothes (17%). And more than two in five of people (41%) have set up home security in order to protect their possessions, with two in three people (64%) opting for alarm systems, almost half of us 46%) setting up cameras and more than two-fifths of us (44%) installing safes in the home.
While security is key, it seems that some people are too worried to enjoy using their prized possessions. In fact, almost one in five people (19%) are concerned about taking high-value items out in public, in case they get lost or damaged. Almost one in six people (16%) also feel concerned about wearing any of their prized possessions out in case they get stolen.
It’s no wonder that many people are leaving their valuables vulnerable when research found that one in eight people (12%) have admitted that they’re confused about whether or not their high value items are covered on their home insurance. To offer some clarity, Confused.com’s guide outlines what level of cover is needed for special items, how to protect prized possessions and what counts as a high value item.
While the majority of people consider tech and jewellery to be their most valuable items, more than one in seven (17%) have insured antiques, while more than one in ten (11%) have added artwork or designer shoes, one in eight people have added designer handbags and most bizarrely, nearly one in ten people (9%) have even added precious metals to their home insurance.
Interestingly, more than two-fifths (44%) of people consider their most valuable item to be something that they’ve purchased themselves, while almost a third of people (31%) would say their most prized possession is something that’s been gifted to them. Yet, only more than one in five people (22%) have said that their most treasured item is something that they’ve inherited.
According to research, almost a third of people (31%) have added their special items onto their home insurance, while more than one in twenty people (6%) have taken out separate insurance for their valuable possessions. But some of us are so keen to ensure our valuables are protected, that we’ve doubled up on protection, as more than one in five of us (22%) have opted to protect our prized possessions by adding them to our home insurance, as well as taking out individual insurance for those items.
On average, those who’ve taken out extra insurance have spent £241. Some have paid significantly more, with almost one in ten (10%) paying more than £600 to protect their special belongings. But almost all people (86%) have said they would still hide their most valued possessions, even if they had insured them.
Paying out additional costs to insure our valuables might seem like an extra financial burden, but it’s important to keep our prized possessions best protected against theft, loss and damage.
Jessica Willock, home expert at Confused.com, comments: “With almost half of Brits failing to put any security measures in place to protect their valuables, it’s so important to ensure our prized possessions are properly covered by insurance. But it can be confusing to know what counts as a high-value item, or what level of cover is needed to properly protect it.”