- 27
- Feb
A lack of adequate home insurance could place sporty consumers under financial pressure, it has been claimed.
Research carried out by LV= reveals that British homes contain 23 billion pounds in sporting equipment ranging from fishing rods and skis to trampolines and snowboards. The firm revealed that an estimated 11.4 million properties contain some type of gymnasium equipment such as exercise bikes and treadmills, with 10.4 billion pounds worth of golf clubs, racquets and bikes being housed in the nation’s homes. Meanwhile, some 1.9 million consumers have their own winter sports gear. Overall, the typical home was indicated as having some 1,132 pounds of sporting paraphernalia.
Anyone who is looking to purchase such equipment but currently does not have enough cash to allow them to do so may wish to consider taking out a personal loan to assist them with their buying.
However, despite the financial services firm reporting that some people state that their equipment is worth thousands of pounds, they only use it on an occasional basis. Meanwhile, some 1.9 million Britons report that they leave such products on display in their cars or in an unsecured shed or garden, making them an easy target for thieves.
And by lacking sufficient home insurance, the cost of replacing stolen goods in addition to repairing property which may have been damaged by thieves, could see many consumers find their finances coming under strain. This may lead to them developing difficulties in meeting demands for repayment on the likes of personal loans, credit and store cards and utility bills.
Commenting on the figures, Emma Holyer, spokesperson for LV= home insurance, reported: “We tend to think that the most costly things to replace are jewellery or electronics but sporting equipment can cost thousands of pounds. People must ensure that if their bike is worthy of Lance Armstrong, or their golf clubs are up to Tiger Woods’ standard, they inform their insurer so that it is included on their home insurance.
“Homeowners should also ensure they have personal possessions cover. This not only covers items like mobile phones, money, laptops and bags but also sports equipment when it is away from the home.”
She added that it is particularly important for consumers to take into consideration getting adequate protection for their sporting equipment as thieves are increasingly looking to steal such goods to sell on the black market. This, Ms Holyer claimed, is because electronic items are becoming harder for criminals to offload. Homeowners were also advised to read their policy thoroughly as some insurance providers may not cover sporting goods which are kept in garages or sheds.
Should any budding Ricky Hattons, Michael Owens and Roger Federers want to secure their equipment from the threat of criminals, getting a low-cost personal loan might prove to be of assistance. Such a loan could allow people to install the likes of security alarms, spotlights and padlocks. In addition, the additional financial assistance that a loan provides may help Britons to purchase comprehensive insurance as well buy additional sporting gear. Meanwhile, a cheap personal loan may be helpful to sports fans wanting a competitive way to fund watching their team. Last year, Virgin Money reported that many Premiership football supporters may discover that “life is getting tougher” when it comes to going to games, with nine per cent of Premiership fans claiming that they plan to reduce how many times they will go to games.
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