Home insurance: Sporty contents ignored
UK's £23bn dusty sports habit
Wednesday, 27 Feb 2008 00:13
Brits have over £23 billion worth of sporting equipment in their homes - most of it collecting dust.
According to insurer LV=, the UK has £10.4 billion worth of golf clubs, bikes and other equipment not used in the last six months, and a further £4.4 billion of gear untouched for over three years.
Brits seem to accumulate such high levels of sporting equipment as 23 per cent buy all the kit they need when starting a new activity, but more often than not stop altogether.
LV= spokesperson Emma Holyer is now advising people to remember their sporting equipment - even the gear gathering dust - when working out home insurance cover, to ensure they are not underinsured.
"It's easy to forget how much it would cost to replace the sporting equipment you have, unless you consider each item carefully and add up the total cost," she said.
"We tend to think that the most costly things to replace are jewellery or electronics, but sporting equipment can cost thousands of pounds.
"People must ensure that if their bike is worthy of Lance Armstrong, or their golf clubs are up to Tiger Woods' standard, they inform their insurer so that it is included on their home insurance."
Ms Holyer added that as electronics become harder for thieves to sell on, sporting equipment was being targeted.
"Homeowners should also ensure they have personal possessions cover. This not only covers items like mobile phones, money, laptops and bags, but also sports equipment when it is away from the home.
"Some insurers don't even cover equipment kept in sheds or garages, so home owners should check their insurance cover to see what is and isn't covered," she said.