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Home insurance at Top of Christmas List
While consumers parade around the high street searching for the latest gifts this Christmas, there is one essential they should not overlook - home insurance. Research suggests this Christmas will be as expensive as ever which is why comprehensive home insurance cover is vital.
We may be in the midst of a global economic crisis but there are no signs of shoppers holding back on their Christmas spending this year. According to research by a leading home insurance provider, nearly a fifth of UK adults (16 per cent) believe they will spend more on Christmas presents this year while more than half (58 per cent) are expecting to stick to roughly the same amount. The tradition of giving Christmas presents and ensuring our loved ones get exactly what they want shows no signs of dying off. While we may be shopping a little more smartly with our money this time around to scoop bargains, the high street and the online shopping market are still likely to be buzzing. However, there is one gift that savvy shoppers should not forget to buy for themselves over the festive season – and that is a comprehensive home insurance policy. Why home insurance is so important at Christmas Winter brings with it added risks to homeowners as the dark nights present a blanket of cover for opportunist thieves. Indeed at Christmas time, burglars know that homes are typically filled with added goodies and so are more likely to strike. This year that situation may be magnified by the fact that we are enduring a global economic crisis. As reported by Abbey, historically a financial crisis is accompanied by an upsurge in crime rates as more people look to cut corners even if it is in an illegal manner. With no signs that our Christmas spending is slumping it’s crucial that property owners ensure their home insurance is not just in place but completely up to date. This may mean making policy adjustments as you buy expensive items over the Christmas period. Fortunately there are now several home insurance companies that automatically increase cover over the festivities – usually by five-15 per cent. However, you should check to ensure the level of additional cover you receive is sufficient and also check the dates that you receive this bonus coverage for. According to the survey, a fifth of consumers buy their Christmas presents early to spread the cost – but most additional coverage will only be in place through the month of December. Another alternative is to pick up a policy with unlimited contents cover – then you never need to waste time adjusting your policy. However, the premiums for unlimited cover are likely to be high and this may not be the best financial option in the current climate. How can you avoid home insurance claims at Christmas? While home insurance should always be in place to protect you in case the worst happens, in an ideal world that scenario will not occur. Take steps to protect your home by ensuring all Christmas valuables are kept out of sight. For example, if you have a Christmas tree that is clearly visible from the street this isn’t a smart place to store your presents too – keep them locked away in a cupboard until it’s time to exchange gifts. Keep any valuables out of sight and dispose of any empty boxes in a subtle manner so as not to draw attention to the exciting new goodies you have inside the home. Think about overall home security too. If you leave the house for a night of celebrations, ensure you lock the windows and doors before leaving and switch on the burglar alarm. Remember that while home insurers will offer you discounts for using a burglar alarm they could also invalidate a claim if you fail to use it or any other security measure you are claiming a discount for. Consider installing time-switch lights that make it appear as though you’re home even when you’re not. If these aren’t available then at least leave a light on and turn the radio up when you’re not at home. However, it’s not just thefts and burglaries that homeowners must protect themselves from over the festivities. December traditionally brings with it some severe weather conditions, including flash floods. Taking steps to lessen the risk of damage, particularly if you live in a flood-risk area is a smart move. For example, homeowners could raise plug sockets further up the walls to reduce electrical damage. Move any valuable and sentimental items upstairs where they are less likely to be affected. Also consider installing flood defense mechanisms and stocking up on sandbags as the first inch of water seeping into a home causes the majority of damage.