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Figures from the price comparison site show the value of home contents has leapt from less than £5,000 to over £10,700 in 15 years. The increase has been attributed to a shift in items deemed ‘most important’ to homeowners over this time period. When thinking back to ‘must have gadgets’ 15 years ago, items such as the hostess trolley, fax machine and soda stream were named. Flash forward to the modern day, and these items have been replaced with gym equipment, plasma TV’s and iPods.
With modern day technologies taking over in the home, Confused.com has created the iPhone application ‘Home Calc’ which takes the confusion out of content calculations. iPhone owners will now be able to log their contents on a centralised portal which will provide a true picture of the valuables they own – thus enabling them to gain adequate home insurance.
Darren Black, head of home insurance at Confused.com said: "What fills our home changes every year with continuous new must-have gadgets. As the British public buy more and more of these items, the content value of our home increases year on year. To help customers we have created an iPhone application, which will help people assess the value they have under one roof and the type of cover they will need to insure it all. Underinsurance is still a massive problem with the research highlighting 79 per cent of our contents are still overlooked. I hope people take advantage of the new way to calculate contents, which will dramatically reduce this alarming figure."
Black continued: "Our new tool is quick and easy to use and will provide a snapshot for homeowners, detailing their valuables, which can be updated on a regular basis. This will avoid many people learning of inadequate cover when they come to make a claim on content policies. It is hoped this will help people avoid only learning about inadequate cover when they come to make a claim – by which time it’s too late"
With one in 10 homeowners saving specifically to buy the latest technologies for their home, the increases experienced in recent years are only set to continue. With this in mind, homeowners need to be accurate with content forecasting and obtain insurance which reflects the values of their assets.
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