 Prudential Home Insurance Highlights Shopaholic Shortfalls: Back in January when the sales kicked off, the big home insurer, Churchill, offered advice to consumers to spend wisely as their research showed that the average woman has 14 items of clothing that have not seen the light of day for 12+ months. The problem wasn't wholly gender specific either with men having around 9 items of clothing that had not been worn for over a year.
Now Prudential home insurance has stepped into the debate stating that, not only are the clothes being bought, but they are not being insured properly either. Many people forget just how much they have spent on clothes, especially those special items that sit at the back of the wardrobe. Figures released suggest that around 25% of people have clothing worth more than £2000, with 6% of people having more than £5000 worth. All together, Prudential estimates there is around £13billion worth of clothes that are uninsured in the UK.
The problem is that people do not read their policy thoroughly. They see the blanket statement of £50,000 content cover, "accident damage" and "new for old" promises and assume that it applies to everything within the home - but each insurer treats clothing quite differently. Direct Line, for example, currently states an exclusion whereby "New for old cover: This means that if your personal possessions (not clothing) or home contents were damaged or stolen, we'd replace them". Prudential themselves have an almost identical statement along with other exclusions such as clothing not being part of their accident damage cover.
If you're a shopaholic and just can't resist then you may want to ensure that your cover provider is giving you all that you need. Home insurance seems to be one of the worst policy types for small print so get your reading glasses on and take that extra half hour to flick through the proposed policy wording. You never know just how much that half hour can save you in the long run. †
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NCD News: Prudential Home Insurance - 02.04.07
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