As a new survey reveals that the contents of an average student bedroom are worth £1650, students heading to university are being urged to make sure they have appropriate insurance.

The poll of 2,000 students by M&S Money* found that the average student bedroom contains:

* £718 worth of electrical gadgets and appliances
* £498 worth of clothing
* £224 worth of sports equipment
* £210 worth of text books

The huge value of a student’s bedroom is not surprising, with over half of students (53%) owning an MP3 player, 52% possessing a laptop and 42% enjoying movies on their own DVD player. The expense continues outside the bedroom, with a quarter of students owning a bike.

The survey also revealed that 14% of students have been burgled while at university and 22% of student cyclists have had their bikes stolen.

Despite this, only 16% of students have taken out their own insurance policy to cover their possessions whilst living in student accommodation. However, many people heading to university will not need to buy a stand-alone student policy and should check if their parents’ home insurance policy provides sufficient cover.

Steve Price, M&S Head of General Insurance, said: “Insurance may be the last thing on students’ minds as they prepare for the new academic year. It often feels like an unnecessary expense on top of everything else.

‘Many students would be surprised to know that their valuables may already be covered - they just need to check whether their parents’ home insurance policy covers their property when away from home.”

Students whose parents have M&S Premier home contents insurance enjoy unlimited cover for their possessions when away from home. This covers events such as damage, flood or theft from halls. Students are also covered if their bike is stolen when they are at university, as long at it is left secured when unattended.

*The poll of 2,000 students was conducted by One Poll on behalf of M&S Money in August 2008.

With thousands of graduates set to return home in the coming weeks, parents are being urged to consider reassessing their home insurance policies to cover any expensive items their sons and daughters might be returning with.

Many graduates will be making their way home to their parents rather than rent as a choice or as a result of financial constraints, but they will be bringing home with them potentially thousands of pounds worth of equipment.

Laptops, ipods, TVs and games consoles and are just some of the items that will be making the journey home with the students and parents should look at if they need to get greater contents insurance to cover these goods.

Grant Bather, spokesperson at Virgin Money, said: “Many students will have built up quite a collection of valuable items over the course of their degree. While some may have little monetary value, others such as laptops can be expensive and should be properly insured.”

Virgin Money Home Contents Insurance covers home office equipment like a computer or printer. Up to £3,000 is also covered for download cover, so if your children have spent their student loans on itunes and the computer is damaged or stolen, as long as they have kept the receipt these can be claimed just as if they’re CDs or DVDs.

Accidental damage to TV, video player, DVD player, hi-fi, cameras and games consoles is also included with Virgin Home Contents Insurance and there are no extra charges for paying your premium monthly.

Simon Lamble, product director at Confused.com - the UK’s leading insurance price comparison service - comments on the British Crime Survey’s (BCS) burglary findings:

“Although it is good news that there have been no real rise in the level of UK burglaries between 2006/2007 and 2007/2008, it is important not to rest on our laurels, as 729,000 burglaries are still taking place annually.

“The fact that homes with no security measures are ten times (25%) more likely to be burgled than homes with simple security measures (2%), such as deadlocks, should be taken on-board by those who are leaving themselves vulnerable to theft and criminal damage. Confused.com would advise that robust security and preventative measures are taken at all times - advice which is clearly not being heeded, as almost one third (31%) of homeowners still do not have burglar alarms fitted to their homes.*

“Despite the fact that 2.4% of households still experience once or more burglaries every year, home contents insurance is not a legal requirement. However, it should be considered an absolute necessity, as by failing to insure their home contents Britons are potentially setting themselves up for a large bill, not to mention emotional turmoil, should they be unfortunate enough to suffer any loss or damage.

“Shopping around for home insurance using a price comparison site could help consumers to make significant savings, never mind the peace of mind that the cover will bring. In fact, Confused.com found that the average home insurance saving, per customer using the site, was £193.81.”

* Statistic taken from Confused.com research which was undertaken by Tickbox in June 2008; based on a survey of 2,000 people.

With the school holidays upon us, many parents will be worrying about keeping the kids entertained over the summer holidays.   Of equal concern however should be the threat of damage to possessions that arises from having children at home, especially with the risk of frequent summer downpours still on the horizon.   According to the Tescocompare.com ‘Mr Bump’ report - children and teenagers are to blame for 1.1 million accidents in the home each year - from spilling drinks on soft furnishings, to breaking household ornaments or posting toast into the DVD player.

The report from the recently launched home insurance service at Tescocompare.com, reveals that the total bill from young children is around £229 million pounds each year, and that in households with young children - they are responsible for over four in ten (42%) of all accidents and damage to the home.   Adults in these households only account for 33% accidents by comparison.

Older children - those in their teens - pose less of a threat, but still accounted for 250,000 accidents in the last year, with damages totalling £68 million pounds.   However teenagers are considerably less of a risk, only being at fault for one in five (21%) of accidents in homes in which they live.   This drops them to second place in the ‘blame stakes’ - behind adults who are responsible on one in three occasions (33%).

However those without children should not rest easy - the research reveals that visiting youngsters were responsible for 250,000 of the 850,000 accidents caused by young children last year.   Meaning kids caused £68 million pounds of damage last year alone to other people’s houses.

Commenting on the research, Paul Baxter of Tescocompare.com said:

“As the saying goes accidents do happen - and this research suggests many of us suffer financial loses on an annual basis.  What is worrying is that over four in ten (41%) of us don’t cover ourselves for accidents in the home - leaving us at risk of being seriously out of pocket.    You can insure against accidental damage - and the new home insurance service on Tescocompare.com will enable you to see what is covered, and what is not, in the event of an accident - as well as how much extra you can pay to cover against mishaps around the house.

“With children at home during the holidays the likelihood for accidents to happen increases - and if you aren’t covered for accidental damage to your possessions it isn’t too late to add this cover to your policy - visit Tescocompare.com today to see how much it will cost.”

Tescocompare.com allows consumers searching for car insurance or home and contents insurance to compare 25 different policy features - as well as the premium quoted. Comparing on more than just price allows consumers to chose, not just the cheapest policy, but also the one which is right for them.

Tescocompare.com differentiates itself from other comparison sites by the fact that the premium quoted will be the price that consumers pays, assuming they don’t change the level of cover they need when they click through to the insurer. Also, the price quoted on Tescocompare.com will be the same or cheaper than if the customer went direct.

Properties across the UK are being left ripe for burglary this Spring as nearly six million* homeowners reveal they can break into their own home.

New research from Zurich Insurance shows that a third of homeowners surveyed (32 per cent)* believe they could break into their own home - and one in ten have actually done so.

Shockingly, the study reveals that among those who have broken into their own home, two-thirds (67 per cent) did so in less than 15 minutes, with more than a quarter (28 per cent) able to do so in under five minutes. And apparently it’s as simple as climbing through an open window (37 per cent) while the more resourceful have retrieved a key with a makeshift hook (four per cent).

The findings come as Zurich launches a new website, www.BreakinBritain.co.uk, which offers users a burglar’s-eye-view of their property, highlighting the common security risks in the home.

Despite nearly half of those who have broken into their own home (48 per cent) saying they are concerned by the ease with which this was done, many reveal that their home security is often compromised simply by their, or their family’s, own lax attitudes. One in six (17 per cent) say that forgetfulness jeopardises their property, whilst 15 per cent think that complacency increases their property’s risk. Over half the homeowners surveyed (57 per cent) admit to basic security lapses, such as leaving windows open while going out (12 per cent) and leaving keys in locks (18 per cent).

The study also included a separate survey of burglars, with the majority (87 per cent) saying that most break-ins are actually opportunistic. The most common mistakes householders make include leaving a window open, not having a burglar alarm, making it obvious that the house is empty and leaving the backdoor open or unlocked, giving burglars an open invitation to enter the house.

Deterrents the ex-lags say put them off include simple measures such as installing window locks on old windows, keeping valuables out of site, putting lights on a timer switch and having external security lights.

Reassuringly, traditional British neighbourly values are still prominent as deterrents to criminals as well, with over half (56 per cent) of homeowners saying they get a neighbour to check on their properties daily when they are away. Two fifths (39 per cent) also get their neighbours to pick up their post and other deliveries - a wise move, as two thirds of burglars (64 per cent) said this simple step would deter them from targeting homes.

Reformed criminal, now probation officer, Bob Turney, agrees that thieves look to capitalise on householders mistakes: “Burglars want an easy way in - and most burglaries are simply a result of thieves taking advantage of householders who’ve left their homes wide open and there for the taking. Windows left open, shoddy locks, or when it’s blatantly obvious that people are away are some of the most common mistakes made.

“And if you know that your home security isn’t what it should be and can break into your own property in less than five minutes, a professional burglar can do it in half the time.”

Mike Quinton, Managing Director for Direct & Partnerships at Zurich Insurance said: “If homeowners can break-in to their own properties that’s a major warning sign for them to take stock of their security measures. Breakinbritain.co.uk can really help people see how burglars might look at their property. We’ve also thrown in some hints and tips on how to keep their property safe. While you don’t need to turn your house into a fortress, it is always important to take proper precautions and update your home security.”

** According to the Communities and Local Government’s Housing Survey there were 18,522,000 owner occupied houses in the UK in 2006. 32% of homeowners surveyed said they could break into their own homes. Therefore a third of 18,522,00 = 5,927,040

Halifax Home Insurance’s Senior Manager of Structural Claims, Neil Curling, is available for interview on the issue of subsidence.  During the spring months, homeowners who may be at risk of subsidence in the summer can take measures to reduce the risk of their house suffering from this problem.  In extreme cases, subsidence can cause major structural damage to homes, but paying special attention to the trees and vegetation around a property can go a long way towards reducing the risk of a subsidence problem.

Neil Curling heads up a team of 30 structural engineers and surveyors who handle all Halifax Home Insurance’s subsidence claims.  Neil has a wealth of knowledge and advice for homeowners on the issue of subsidence, from the various causes of subsidence affecting different areas of the UK, to how to avoid a problem and how to get help if you think your home may be at risk.

Premium hikes widely predicted for both car and home insurance because of increasing costs and the aftermath of last year’s flooding are not being realised, the latest benchmark AA British Insurance Premium Index reveals.

Home premium rises dry up

Home insurance premiums changed little over the first quarter of 2008.  The average quoted premium for buildings cover fell by just 42p to £208.51 and the Shoparound premium (an average of the lowest three quotes from each Index risk) fell by just 34p.

• “I expected the upward trend in premiums since last July’s flooding to continue,” Andrew Strong says.  “I believe the slight fall in average quoted premiums for buildings cover is explained by a rise in the number of risks not being quoted by some insurers, suggesting sensitivity to flood risk.”
• However, he emphasises that this does not mean families will find their homes becoming uninsurable. “It is more likely that insurers will want to know more - for example what flood protection measures are being taken by local authorities - before quoting, while an existing insurer will continue to provide cover following a flood.”
• Under the ABI Statement of Principles for the Provision of Flood Insurance* the industry agrees to insure flood-risk customers provided adequate investment in flood defences continues.  “But the Government shouldn’t take it for granted that the agreement will continue to be renewed indefinitely. It’s vital that proper investment is made to protect homes and businesses from flood risk and that careful consideration is given to the location of new housing stock.”
• He adds that although buildings insurance premiums increased last year to their highest point ever, they are still only 4.5 per cent higher than when the Index started in 1994: “Home insurance continues to offer remarkable value for money,” he says.

Home insurance at a glance

• Average buildings insurance premiums fell 0.2% to £208.51 (£208.93 in the previous quarter). The Shoparound premium, an average of the lowest three quotes for each risk, fell by 0.3% to £120.70 from £121.04
• Average contents insurance premiums rose 1.0% to £128.57 (£127.24 in previous quarter). The Shoparound premium rose by 0.3% from £70.08 to £70.29
• Average combined home and contents insurance quotes fell 1.4% from £297.19 to £293.11. The Shoparound premium rose by 0.3% from £183.31 to £183.80.

he 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 survey into the nation’s backyards found that the contents of the average garden are worth £1,237, while one in ten gardens (10 per cent) 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 per cent) 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 per cent) enjoys more than six hours a week in their garden during the spring and summer months.

One third (33 per cent) of gardens has ornamental plants, one quarter (25 per cent) has statues and ornaments while one in five (22 per cent) has a water feature.  Almost one in ten (7 per cent) has a patio heater while 6 per cent has a sun house.

And Brits plan to splash out further on their gardens this summer.  Half (50 per cent) spend £200 on their garden every year while 3 per cent 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 per cent) have never checked that their garden contents are included on their home insurance, while 87 per cent 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 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.”

New research from Halifax Home Insurance reveals that neighbours caused £173 million of damage to next door properties last year after their home improvement disasters spilt over the garden fence.  From water cascading into neighbouring properties through pierced pipes, demolished party walls and even broken ornaments, over 590,000 British homes were damaged in 2007 by these so-called ‘Neighbourhood Botchers’.  It is not just over-ambitious DIYers that were to blame, with one-in-ten blaming building calamities on professional workmen.

Shockingly, in one-in-three (32%) cases the victim was forced to foot the bill for repairs or claim on their own home insurance policy. In a further 27% of incidents the costs had to be shared between both parties.

Neighbourly relations in the South-East may be particularly strained as the region leads the way when it comes to neighbourhood botches, accounting for 29% of incidents, closely followed by Northern England at 27%.  While in the last five years the average neighbourly DIY disaster in Scotland costs the most to repair at an average of £817, the region accounts for just 11% of recorded incidents.  Wales and the South West ranked second highest of the UK regions surveyed with an average repair bill of £359, followed by the North of England with £320.

David Rochester, Head of Underwriting at Halifax Home Insurance, said: “A number of errant DIYers are not just damaging their properties, but their neighbours’ homes too. But even more interesting is that so many victims handle the situation with typically British aplomb. Indeed, over two-thirds of them chose to pay towards the cost of repairing their home - rather than create a fuss.  Perhaps they weren’t aware that they could have claimed for repairing the damage on their neighbour’s insurance policy.”

Halifax Home Insurance also covers householders for any damage they may have accidentally caused to a neighbour’s property, due to a domestic mishap such as a DIY disaster, under its Home Contents policy.

It is worth bearing in mind the requirements of the Party Wall Act, which requires that homeowners give notice and agree with their neighbour any significant work to be undertaken to a party wall before starting the work.  Failure to do this could result in any subsequent claim for damages being rejected.

1) Research conducted by ICM amongst 2009 UK homeowners in February 2008. Figures have been rebased to reflect the number of households in the UK according to the Annual Abstract of Statistics.

Nearly one in three (30%) Britons think that rebuild cost is the same or more than purchase price, according to Confused.com - the UK’s leading insurance price comparison site. According to Confused.com research, spanning six months, 10% of consumers thought that rebuild cost and purchase price were the same, and 20% thought that rebuild cost was higher than the initial building cost - a mistake which could prove to be extremely costly to 30% of Britons.

In fact, a semi-detached house, worth around £180k and measuring 742 square feet, with a garage, would cost £85,700 to rebuild if it was located in the south-east and £79,700 to rebuild if it was in the north-east.

Debra Williams, managing director, Confused.com comments:

“The fact that one in three consumers consider rebuild cost to be the same as purchase price is unprecedented, and could see them paying over the odds year-on-year. Being financially savvy certainly pays; not only does it mean that consumers can gauge whether they are paying an acceptable amount for insurance, but they are more likely to shop around for lucrative deals if they feel that they are being sold short.

“Price comparison sites are designed to help consumers find the best deal available on the market, so that they do not find themselves out of pocket when applying for home insurance. However, the importance of basic financial knowledge should not be underestimated when it comes to finding the best deals out there.”