If you have a hobby, the equipment you might need can cost a small fortune, such as expensive cameras, golf clubs and musical instruments.
But many Brits are taking big financial risks by not having the right sort of home insurance for their gear and by keeping it in outbuildings with poor security, latest research by insurer Policy Expert shows.
Nearly a third take risk with hobby gear
Even though one-in-twelve (8%) have had hobby paraphernalia lost, stolen or damaged at some point, nearly a third (32%) aren’t sure if it’s covered by their home insurance policy.
Only just over a quarter (27%) are certain that they do actually have the right cover in place.
Not all home insurance covers some hobby items, such as very expensive bicycles, so consumers need to check when they take out cover. And, in any case, the maximum claim limits stipulated by a policy might not be sufficient.
Bicycles and cameras most common hobby items
In fact, bicycles are the hobby item most commonly kept item by 56% of consumers, along with cameras and photography equipment. As many enthusiasts spend thousand of pounds on their beloved two-wheels, or super-gadget camera, they’re taking quite a risk.
The same goes for the other popular things that people use for hobby purposes.
Items can cost thousands, and exceed claim limits
Golf club sets, for example, can cost a small fortune, tens of thousands even, and one-in-five (26%) say they keep a set somewhere around the house.
The same number (26%) have a musical instrument and, as with golf clubs, a collectible guitar or violin can be worth thousands, and might exceed the claim limits on an insurance policy.
Other popular, and possibly expensive-to-replace, items include ski and snowboard gear, fishing rods, horse riding equipment and gaming consoles.
Insurers require good security for outbuildings
Even if people do have the right sort of home cover for their hobby, many keep items garages, sheds and other outhouses that have poor security, Policy Expert’s research indicates.
The problem is that insurers insist on good locks and security, while some don’t cover anything kept outside at all. If policy holders don’t meet the required security standards, the chances are a claim for theft will be rejected.
Security tips for garages
Policy Expert offers a number of tips for consumers to ensure garages meet the sort of security levels insurers expect:
- Fit motion detector lights around garage access doors and windows.
- Install alarm systems to a garage. Or simply extend the system from the main home, if there already is one.
- Keep garage doors in a good state of repair.
- Add British Standard locks to the top and bottom of ‘up and over’ garage doors.
- Make sure any roofing material and skylights are tightly secured and can’t be easily prized open.
If your home is your haven, you’ll want it to have the best protection. Compare quotes from our range of handpicked insurers and tailor a policy to suit you. For more information, you can call our experts on 0330 0600 600 or visit www.policyexpert.co.uk/contact for more ways to reach us.
Published 22 August 2017