UK Money News
7th January 2008
FIC: Make sure your gizmos are covered
Consumers are being urged to check their home insurance policies carefully to make sure they are fully covered for any gadgets and gizmos they received at Christmas.
The Fair Investment Company warns that games consoles, MP3 players and other expensive electrical items could be at risk of loss, damage or theft unless they are included in their owners' home insurance premiums.
Since most insurance companies calculate cover levels based on the value of home contents when the cover is taken out, extra belongings received since then may not be protected, it explains.
And since popular Christmas gifts such as the Nintendo Wii and the iPhone can add significant amounts to the overall value of home contents consumers are advised to take a close look at exactly what their policy covers.
James Caldwell, director of the Fair Investment Company, said: "These days the gifts we give are more expensive than ever before. The amount of money lost can really mount up, especially if you don't have a policy that covers all your new purchases."
Meanwhile, separate research from the personal finance website Fool.co.uk shows that the average British consumer has around £375 worth of technological gadgets lying unused in their home.
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