10 May

Houses for sale in London require 'accurate' insurance

Houses for sale in London require 'accurate' insurance

People moving into houses for sale in London need to ensure their possessions are adequately insured, it has been advised.

Research by YouGov on behalf of Hiscox has revealed that 67 per cent of high net worth homeowners are underestimating the value of their home contents.

Property for sale in London may appeal to buyers with a larger budget, as 22 per cent of all £1 million property sales in 2010 were in the capital, Lloyds TSB has revealed.

In addition, 75 per cent of all £2 million-plus sales were for houses for sale in London.

Andrew Cheney, risk and valuation advisor at Hiscox, says people need to consider all items in the home when buying an insurance policy, including fittings such as carpets and furniture.

He explained: "People spend their money in very different ways: some accumulating art collections, others designer labels and accessories.

"Using a check list can help people conduct an accurate self assessment."

High-value items such as jewellery can fluctuate in price over time and requires regular valuations, he added.ADNFCR-1222-ID-800526475-ADNFCR

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