Many home owners are not updating their home insurance as often as they should, according to a poll conducted by Be Wiser Insurance.
Less than a quarter (23%) of those polled update their home contents insurance immediately after buying a new expensive item.
Mark Bower-Dyke, chairman of Be Wiser Insurance, comments:
"Whenever you buy an expensive item it is always a good idea to notify your insurance company - in most instances you will probably find that the item is covered under your policy, but it's far better to be safe than sorry."
The poll found that just under a third (28%) only make changes when their policy is up for renewal and just under a half of UK homeowners (48%) keep their home contents insurance the same each year regardless of what purchases they've made.
One respondent told the sad tale of forgetting to add his partner's engagement ring to the home contents insurance and, when it went missing, they had to deal with both the emotional upset and the financial repercussion of having to replace it out of their own pockets.
"Notifying your insurance company when you have made an "expensive buy" is important. By doing this you will get peace of mind that your contents are fully and properly insured. An up to date home insurance policy can take the financial sting out of an unfortunate situation."