Lloyds TSB Insurance reveals UK gardens are little goldmines
Released
on: April 18, 2008, 6:25 am
Press
Release Author: Lloyds TSB Press Office
Industry:
Financial
Press
Release Summary: Lloyds TSB Insurance research reveals the UK’s
gardens are turning into little goldmines containing exotic plants,
hi-tech tools and luxury furniture worth £18.6 billion
Press
Release Body: The UK’s gardens are turning into little goldmines
crammed with exotic plants, hi-tech tools and luxury furniture
worth a whopping £18.6 billion*, new research by home experts
Lloyds TSB Insurance reveals.
The
Lloyds TSB
Insurance survey into the nation’s backyards
found that the contents of the average garden are worth £1,237,
while one in ten gardens (10%) is filled with goodies worth over
an incredible £3,000. In a typical garden, the most expensive
single item is on average £426 but one in 20 gardens (5%)
has a single item over £1,000.
With
spring well and truly sprung, Brits can’t seem to get enough
of their outdoor space. One quarter of Brits (26%) enjoy more
than six hours a week in their garden during the spring and summer
months.
One
third (33%) of gardens have ornamental plants, one quarter (25%)
have statues and ornaments while one in five (22%) have a water
feature. Almost one in ten (7%) have a patio heater while 6% have
a sun house.
And
Brits plan to splash out further on their gardens this summer.
Half (50%) spend £200 on their garden every year while 3%
spend over £750. Top of the gardener’s ‘wish
list’ for 2008 is a wallet-busting hot tub, followed by
decking and water features.
But
despite spending so much on their gardens, most Brits don’t
know whether they are insured properly. Over half (55%) have never
checked that their garden contents are included on their home
insurance policy, while 87% don’t review the value of
their gardens each year to make sure they are covered. But
Lloyds TSB Insurance warns that accidents do happen.
Last year, the insurer processed 5,244 garden claims with an average
value of £726.
Phil
Loney, managing director, Lloyds TSB Insurance said;
“Everyone knows that we Brits are a nation of green-fingered
garden lovers who like nothing better than spending time in the
great outdoors. It’s hard to put a price on the pleasure
of a barbeque on a summer’s evening but gardeners should
stop to think exactly how much their backyards are worth.
“With
all the gadgets and goodies that are available, they can quickly
add up and gardeners run the risk of being under insured. A typical
garden claim for Lloyds TSB Insurance is over
£700; but in our survey, Brits estimated their backyards
to be worth on average £1,237. Home
insurance policies vary greatly and often have limits on how
much they cover outside. Take time to calculate the value of everything
outdoors and choose a policy to suit your gardening needs.”
Top
10 garden wish list for summer 2008
1 - Hot tub
2 - Decking
3 - Water feature
4 - Table and chairs
5 - Green energy i.e. wind turbine
6 - Outside lighting
7 - Gas BBQ
8 - Ornamental plants
9 - Swing seat
10 - Sun house
Lloyds
TSB Home Solutions policy has been awarded ‘five stars’
for quality of cover by Defaqto, an independent financial
product research company. The contents insurance
policy covers loss or damage to growing trees, shrubs or plants
following fire, theft or vandalism up to £250 per plant
and up to £1,000 for any event. It also covers for loss,
damage and theft of items in the open within the boundary of the
home up to £1,000 for any one event. Lloyds TSB
building insurance automatically covers wind turbines,
solar panels, sun houses and hot tubs.
Mike
Powell, of independent financial research company, Defaqto
added, "Our research shows that less than one third of
the home policies available on the market cover contents in the
garden up to £1,000 and only one in five covers at least
£1,000 for garden plants. Garden cover is a valuable benefit
and when choosing a policy, consumers should take care to understand
the extent of the cover on offer."
-ends-
Notes
to editors
*
There are 15 million gardens in the UK according to www.english-nature.org.uk
1033 UK consumers were surveyed by tickbox.net in March 2008
Web
Site: http://www.insurance.lloydstsb.com/
Contact
Details: Lloyds TSB PR contact:
Eleanor Ross
Lloyds TSB Press Office
Lloyds TSB Group plc
25 Gresham Street
London
EC2V 7HN
020 7356 171