Insurance company warns of Christmas trap

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Financial Services > lnsurances >

Insurance company warns of Christmas trap

Fri, 04 Nov 2005

Seasonal increases in home contents insurance could still leave insurance policyholders underinsured, Halifax Home Insurance has warned.

Every Christmas, many Britons exceed their home contents insurance limit without realising it, the home insurance provider points out.

Keeping expensive gifts in your home in the run-up to Yuletide could lead to home insurance policyholders falling into what Halifax calls the underinsurance trap.

Even though many insurance companies offer an increased level of insurance cover shortly before and for a while after Christmas, many households could be underinsured as soon as the festive season ends, Halifax points out.

The home insurance provider's senior underwriter, Vicky Emmott, says people should remember to let their insurance company know about any changes to the value of their home content.

She adds that they should be aware that some insurance companies might penalise insurance policyholders who underestimate the value of their home contents.

But Ms Emmott says Halifax insurance policyholders can "relax" during Christmas, because the insurance provider offers unlimited home contents insurance throughout the year.

The insurance company is urging the seven million British households without home contents insurance to use this Christmas as a "pressing reason" to take out annual home contents insurance.

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