Released on = June 4, 2007, 2:36 am

Press Release Author = Compare The Market

Industry =

Press Release Summary = Compare The Market have done some interesting research into
the insured value of your home contents and the actual value. All the hi-tech
gadgets in our homes these days demand that you increase the value of your home
insurance.

Press Release Body = Hi-Tech Homes At High Risk

* £160 billion uninsured possessions in the UK
* 50 per cent "show homes" in UK with luxury gadgets and designer furniture
* 20 per cent care more for possessions than house itself
* Men more likely to make a false claim
*

With homes containing the latest gadgets, gizmos and designer labels for general
household items as well as clothing, our home insurance barely covers the basic
fixtures and fittings, leaving an alarming £160 billion of our prized possessions
uninsured according to shocking new research out today.

The average home contents policy provides cover for up to £35,000 of our goods
should the worst happen, but according to online insurance comparison site
COMPAREtheMARKET - which commissioned the survey of over 1,000 UK homeowners - over
half of all households (57 per cent) estimate their valuables are actually worth up
to £50,000.

Worryingly, nearly a third (27 per cent) confess to making a "conservative guess"
when it comes to totting up the value of their belongings in order to keep insurance
premiums low. A further 15 per cent of homeowners admit to not even bothering to
take out home contents cover at all - meaning even more of our high price tag
belongings are left uninsured.

Keeping up with the Jones'
Keeping up with the Jones' is not a new phenomenon but technological advancements
mean a new hi-tech generation is making more of us (20 per cent) concerned with
what's in the house than the house itself. An image conscious few (5 per cent) claim
they'd much rather invest in their own appearance than their home's by spending more
on personal fashion than household DIY.

And following a spending blow out on this season's Jimmy Choo's, a plasma TV to
rival the local cinema or top of the range gadgets such as a video Ipod or digital
photo frame, a quarter of us (25 per cent) fail to update our insurance policy,
leaving those precious new purchases ominously uninsured.

Of their existing policies, 18 per cent claim they are already in the dark when it
comes to understanding what is and isn't covered, and 19 per cent wouldn't consider
making a claim for a lost or damaged item as they believed this not to be included
in their cover.

There's no place like home.
.especially in the South where homeowners prefer to kit out their homes with
designer and luxury items such as a Moben kitchen and limited edition Royal Dalton
glassware (42 per cent) but are the worst at ensuring their belongings are properly
protected, with 18 per cent failing to take out contents insurance.

Of those who have cover, homeowners in the South are more savvy when it comes to
making their insurers pay up for lost or damaged items (24 per cent) leaving
homeowners in the North shelling out double to replace beloved items when accidents
occur.

However, Northerners are more practical when it comes to regularly updating their
policies after major shopping splurges (18 per cent) and similarly, a cautious 18
per cent go as far as photocopying receipts to provide proof of purchase for future
claims should the need arise.

Most sought after items include:

* Vera Wang dinner service
* Nintendo WII
* Chloe Baby Paddington handbag
* Jasper Conran toilet brush
* Apple TV

COMPAREtheMARKET commissioned the research to coincide with the launch of its home
insurance price comparison product, a one-stop-shop offering a range of competitive
quotes from over 15 big name insurance schemes.

Jeremy Moll, managing director of COMPAREtheMARKET said: "Our homes are by far the
most expensive items we own, and as we continue to invest our time and money on
furnishing them with luxury and designer fixtures and fittings, it's surprising to
learn nearly a third (27 per cent) dumb down the value of their belongings just to
keep their insurance costs low.

"For the bling and hi-tech generation, I'd strongly recommend valuables are
adequately insured protecting them should the worst happen."

A nation of shopaholics
When it comes to household spending, it seems men are just as keen to splash out as
women on items such as gadgets (52 per cent), plasma TV's (17 per cent) and designer
clothes (12 per cent).

But insuring their wares is not top of the agenda for men with double the amount of
women not taking out insurance (19 per cent). The research also revealed three times
as many men taking out cover are more likely to be tempted to make a dishonest claim
than women just to get their hands on a more up to-date must-have item!

Visitors to COMPAREtheMARKET only need to enter their details once, which are then
automatically saved, allowing quick access to a range of quotes whenever required.

Jeremy said: "People really need to think about the true value of contents of their
home, especially if they've just gone out and splurged on the latest Apple TV or new
season's Prada. By taking just five minutes to compare the market online, not only
will you ensure you get the right cover for your home contents but you may even save
some extra cash for the next big purchase!"

At present COMPAREtheMARKET provides car, van and home insurance. It plans to
offer motorcycle insurance in spring and travel insurance in time for summer. For
more information visit www.comparethemarket.com.

Web Site = http://www.comparethemarket.com

Contact Details = spiltmilk43@hotmail.com
09442071941100