Surge in expensive bikes being insured
Other high value items added to home insurance policies included jewellery, watches, household technology, and televisions.
Comparing Admiral’s policy data from 2018 to 2020, bikes have grown in popularity, overtaking jewellery which used to be the most commonly added item.
Data from January 2021 shows that bikes hold the top spot for items added to policies, accounting for 30% of items, while jewellery was the second most popular (29%), followed by watches (11%) and household tech like laptops and tablets (10%).
During the first lockdown, which began in March 2020, many people bought bikes either for exercise or as an alternative way to travel. In May last year Admiral saw a 46% increase in the number of bicycle theft claims compared to the same period in 2019.
The latest data shows an increase in owners actively adding their bikes to their policies in a bid to protect them.
Other items of high value that were added to homeowners’ policies in January include mobile phones, musical instruments, works of art, sports equipment for golf, archery and skiing, and items containing gold, and collections of stamps and coins.
Noel Summerfield, head of home at Admiral, said: “Although Christmas seems like a distant memory already, it’s important that homeowners don’t forget to update their home insurance policy if they received any special gifts worth over £1,000 or bikes worth more than £350 during the festive break, to make sure they are properly covered.
“At Admiral, we offer ‘celebration cover’ which means cover for new items including technology and expensive jewellery like engagement rings will automatically be increased for 14 days either side of the date of the celebration, giving homeowners peace of mind that their new valuables are protected. However, if these items were given as presents at Christmas, that grace period is now over which means they may no longer be covered if the insurer hasn’t been notified.
“Taking photographs of the item and keeping original receipts, invoices or valuations dated before the item was insured is always worthwhile because keeping as much evidence of the item as possible will make things easier in case you ever need to make a claim.”