Don’t Let Insurance Woes Spoil Your Summer Garden Upgrade
As the warmer months beckon, many of us are gearing up to transform our outdoor spaces into havens of relaxation and entertainment. Whether it’s sprucing up with new plant pots or investing in a sleek patio furniture set, there’s an undeniable allure to kitting out our gardens for summer enjoyment. But amidst the excitement of these upgrades, there’s one crucial aspect that often gets overlooked – insurance coverage.
Protect Your Investments
It’s easy to underestimate the value of our garden items, but when you tally up the cost of those stylish furnishings and trendy accessories, you might be surprised at the total. Unfortunately, with the arrival of summer also comes an increased risk of theft. Opportunistic thieves are more likely to target items left outdoors during the longer days, putting your prized possessions at risk.
The Pitfalls of Inadequate Coverage
However, not all insurance policies offer comprehensive coverage for outdoor theft. A recent analysis by Defaqto, a star ratings business, revealed some alarming findings. Shockingly, only a quarter of home insurance products provide cover of up to £5,000 for theft from outbuildings. In fact, some policies have distressingly low limits, leaving policyholders vulnerable to significant financial losses.
Lock It Up, Stay Covered
One simple precaution could save you from a costly insurance pitfall: investing in a sturdy padlock. Surprisingly, over a fifth of insurance products examined by Defaqto exclude coverage for items stored in unlocked sheds or outbuildings. With the number of insurers implementing such exclusions on the rise, securing your outdoor storage spaces has never been more crucial.
Understanding Your Policy
Angela Pilley, a home insurance expert at Defaqto, emphasizes the importance of understanding your policy’s coverage. Many homeowners may not realize the distinction between “outdoor items” and “contents in the open,” which can have significant implications for their insurance claims. While outdoor items like garden furniture are typically covered, temporary possessions like gadgets or clothes may not enjoy the same protection.
Beware of Coverage Limits
Moreover, even policies that extend coverage to “contents in the open” may impose restrictive limits. Defaqto’s analysis found that a third of such policies cap coverage at £1,000, while some set it as low as £250. These limitations may prove insufficient in the event of a theft involving multiple items.
Review and Reassess
Pilley advises homeowners to review their insurance coverage before the summer season kicks into full gear. It’s essential to understand what your policy does and doesn’t cover, including any exclusions or limitations. Furthermore, don’t overlook the importance of insuring valuables and high-risk items, such as smartphones and tablets, which are commonly used outdoors during the summer months.
Enjoy Peace of Mind
Don’t let insurance woes overshadow your summer plans. By taking proactive steps to review and enhance your coverage, you can safeguard your garden investments and enjoy the season with peace of mind. So, before you fire up the barbecue or host your next outdoor gathering, make sure your insurance protection is as robust as your garden décor.
Founded in 2017, Fintuity has fast become one of the only digital Independent Financial Advisers (IFA) in the United Kingdom. Fintuity offers a wide range of financial advisory services including pensions, protection, investments and mortgage advice. The key difference is that as an exclusively digital service, we can offer significant savings and a service that is direct to you and on demand.
