The global pandemic has added a myriad of risks to an already drastically under-insured property market. A record of £110.3b were spent by Brits during the coronavirus pandemic: 5 million redecorated rooms in their homes, 1.5 million built an outhouse and over a million built home-gyms and extensions.
Home-workout Extravaganza
The sale of home workout equipment increased by a massive 5813% since March 2020, according to Idealo. Further data from Powered Now show that 696,000 people have had a home gym installed in the last year, and the average amount spent on home workout products was £162. Data from GlobalData indicate that 76% of people believe they will continue with home workouts post-pandemic, meaning that this trend will only keep rising.
This new and expensive equipment adds further risk to the already 6 million uninsured homes in the UK, totalling to £266 billion of content at risk.
Protect your Investment with Insurance
If you have an insurance policy, it is possible that the pandemic might have had an impact on the suitability of your existing policy and the cover you require.
As with any new and expensive item, we recommend that you inform your insurer about your recent purchase and include all the details about these new additions. However, be mindful that if your new gym is outside, in a shed or outbuilding, it may not be covered by your existing policy – leaving hundreds of pounds of gym equipment at risk.
The data shows an incredible amount of peoples’ possessions and livelihoods are at risk thanks to a lack of insurance, and now so many of us are spending more time at home, it is more important than ever to be fully protected.
Simon Bath, CEO of iPlace Global
Bridging the Gap
The pandemic has accelerated the trend toward digitisation and automation. Customer expectations and consumer behaviours where previously fuelled by demographics and competitive pressures, and when you add technology that supports customer conversations and anticipates their needs, it leads to great efficiency and more informed decisions – a better outcome for both buyers and sellers.
About Moveable
Moveable is an all-in-one property technology web solution that streamlines the moving journey for the end-user by providing transparency over the various stages and parties involved in the process, by allowing easy collaboration with co-movers and third-party services, and by centralising communication processes.
Find out more about Moveable and what we do, and sign-up today to gain access to our large network of trusted home moving service providers and price comparison features.