Having taken a look at the attitudes of their home insurance customers Legal and General found that many prefer to throw broken items away rather than repair them.
Asked about electrical items like MP3 players and DVDs, 46 percent of those surveyed said they would throw it away if it stopped working. Slightly more worrying was the fact that 12 percent of people in the Legal and General study said they would throw an electrical item away if the fuse had blown.
On the one hand these results suggest we are throwing away perfectly serviceable items, though many small electrical items are very difficult to repair now, with manufacturers themselves recommending replacement rather than repair. Legal and General will usually replace electrical items that are claimed for on a home insurance policy since they follow the manufacturers guidelines.
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According to Sainsburys Bank around 20 percent of UK homeowners are planning major changes to the structure of their properties in the next 12 months, though how many of them realise they should tell their insurer is another matter.
Around a third of those planning their home improvements were nor aware that their insurer should be made aware of the changes. Logically it makes sense since home insurance uses the information provided by the owner to determine the policy cost. If someone then adds on a new kitchen and conservatory for example the insurance company, be it Sainsburys Bank or another, would need to know the changes to make sure they are insured.
It is perhaps easy to forget about home insurance, said a Sainsburys Bank spokesman, since it is not visible and covers the house, but property changes really can change the value of the property and the amount it needs to be insured for. For this reason property owners should advise their insurer of the changes and save themselves problems in the future.
Top UK retail outlet Argos works with Allianz Cornhill to offer the dedicated Argos Insurance that is available to protect the large quantities of furniture and other items sold by the retailing giant.
The latest development in the ongoing relationship between the two companies gives customers the peace of mind offered through a repair and replacement programme, meaning customers know that the investment they have made in their home furnishing will last a reasonable amount of time. Argos and Allianz Cornhill already work together providing insurance cover for jewellery and mobile phones. Although the sizes of the product is much larger when it comes to furniture the basic principle in insuring them is exactly the same.
Both parties feel that the provision of Argos Insurance cover being extended in this way will be beneficial to the consumer as well as the two businesses. They also see it as the continuation and progression of what is seen as a very good working relationship.
