VALUE OF HOME CONTENTS IN WALES INCREASES BY 123% IN 15 YEARS

VALUE OF HOME CONTENTS IN WALES INCREASES BY 123% IN 15 YEARS • Home contents were valued at £4,161 15 years ago • Fast forward to today and homeowners in Wales believe they have an average of over £9k worth of contents • The true average of contents in a home comes in at £50k – this means Welsh homeowners underestimate the true value of contents by 439% • Confused.com launches a content calculator – Home Calc – for the iPhone The increasing value of contents in Welsh homes has come to light after research shows it has leapt from £4,161 to over £9k in 15 years. The increase has been attributed to a shift in items deemed ‘most important’ to homeowners over this period of time. When thinking back to ‘must have gadgets’ 15 years ago, items such as the fax machine, hostess trolley and soda stream. Flash forward to modern day and these items have been replaced with Plasma TV’s, mobile phones and laptops.1 With modern day technologies taking over in the home, Confused.com has created an iPhone application ‘Home Calc’ which takes the confusion out of content calculations. iPhone owners will now be able to log their contents on a centralised portal which will provide a true picture of the valuables they own – thus enabling them to gain adequate home insurance. Darren Black, head of home insurance at Confused.com said: “What fills our home changes every year with continuous new must-have gadgets. As the British public buy more and more of these items, the content value of our home increases year on year. To help customers we have created an iPhone application which will help people assess the value they have under one roof and the type of cover they will need to insure it all. Underinsurance is still a massive problem with the research highlighting how people living in Wales are potentially underestimating the value of their possessions by an incredible 439%. I urge these people to take advantage of the new way to calculate contents, which will dramatically reduce this alarming figure.” Black continued: “Our new tool is quick and easy to use and will provide a snapshot for homeowners, detailing their valuables, which can be updated on a regular basis. This will avoid many people learning of inadequate cover when they come to make a claim on content policies. It is hoped this will help people avoid only learning about inadequate cover when they come to make a claim – by which time it’s too late” With almost one in ten homeowners in Wales saving specifically to buy the latest technologies for their home, the increases experienced in recent years are only set to continue. With this in mind, homeowners need to be accurate with content forecasting and obtain insurance which reflects the values of their assets. The Confused.com Home Calc app is available via the iTunes store: http://itunes.apple.com/gb/app/home-calc/id362300041?mt=8 -ENDS- For further information please contact: Darren Black Confused.com Head of home insurance 02920 434 398 Press office 02920 435574 Notes to editors Research conducted by OnePoll during February 2010 amongst 2,000 homeowners Source 1: Items ranked as most important 15 years ago in Wales Source 2: Items ranked as most important in Welsh homes today Confused.com is one of the UK’s biggest and most popular price comparison services. Launched in 2002, it generates over one million quotes per month. It has expanded its range of comparison products over the last couple of years to include home insurance, travel insurance, pet insurance, van insurance, motorbike insurance, breakdown cover and energy, as well as financial services products including credit cards, loans, mortgages and life insurance. Confused.com is not a supplier, insurance company or broker. It provides a free, objective and unbiased comparison service. By using cutting-edge technology, it has developed a series of intelligent web-based solutions that evaluate a number of risk factors to help customers with their decision-making, subsequently finding them great deals on a wide-range of insurance products, financial services, utilities and more. Confused.com’s service is based on the most up-to-date information provided by UK suppliers and industry regulators. Confused.com is owned by the Admiral Group plc. Admiral listed on the London Stock Exchange in September 2004. Confused.com is regulated by the FSA.