Men Put Money Before Memories

Latest research 1 from Age Concern Home Insurance identifies the difference between men and women when it comes to valuing items in the home. Women are Britain’s big spenders, splashing out on average over £2,350 on the most expensive item in the home. The top three most expensive belongings in the homes are TVs, laptops and jewellery 2.

While women spend most on large items for the home, if a disaster happened, three in five women would first save items with sentimental value such as family photos, wedding albums, the family pet and engagement rings. Men in contrast would save their laptop before photos or Rex-the-dog 3 and are three times as likely to rescue the games console and twice as likely to rescue their mobile phone first.

Seven in ten people believe that society as a whole puts price above sentimental attachment. One in four of this group believe this is due to the pressure on people to own the latest fashionable gadget, while one in ten think this is due to the growing distances between modern day families resulting in people’s failure to see value in family heirlooms 4.

Gordon Morris, Managing Director of Age Concern Enterprises said: “Britain’s homes are changing as we spend more on expensive items for the home with women, not men, being the biggest spenders. But, should disaster happen, women would leave those items and rescue those belongings with most sentimental attachment, leaving men to save the laptop or TV.”

He continued: “Filling the home with expensive items has a knock on effect on the home insurance cover you need, so it is crucial people ensure they accurately assess the value of contents in the home on a regular basis to ensure adequate coverage is in place. Our contents insurance is tailored for those in later life and is one of the few policies that has no hidden charges such as penalties for those who need to alter or cancel their policy, or if they need to get duplicate documents.”

Age Concern Home Insurance currently offers buildings and contents cover with added benefits such as a low £25 excess on most claims 5, a 24 hour domestic emergency helpline, a personalised service tailored to those in later life and importantly no age limits, hidden charges for cancellation or administration fees.

For more information, telephone 0845 602 9183, log on to http://www.ageuk.org.uk/buy/  or visit your local Age Concern office. Not all products are available in all offices so please call your local office before you visit to check availability.

ADDITIONAL INFORMATION

1. Omnibus research conducted by 72 point in July 2010 amongst 2,000 UK, adult homeowners on behalf of Age Concern Enterprises
2. List of top five, most expensive items in the 21 st century home

Male

• TV
• Laptop
• Furniture
• Engagement ring
• Art/paintings

Female

• TV
• Laptop
• Engagement ring
• Furniture
• Other item of jewellery

1. In the event of a home disaster list of 5 items which would be saved

Male

• Laptop
• Photo’s/wedding album
• Pet
• TV
• Other

Female

• Photo’s/wedding album
• Pet
• Other
• Engagement Ring
• Mobile

1. Popular reasons why people believe society is more concerned with materialistic things rather than sentimental value

• Society is too materialistic
• Pressure to have the latest fashionable gadget, making older models redundant and thrown away
• As families grow apart the importance of heirlooms is lost
• Technology is more important than anything else
• Practical reasons such as a lack of space

1. Exceptions include subsidence for which there is typically a £1000 excess and touring caravans claims

NOTES TO EDITORS

Age UK is the new force combining Age Concern and Help the Aged. The Age UK family includes Age Scotland, Age Cymru, Age NI and Age Concern Enterprises – the trading arm of Age UK.

Age UK, a charitable company limited by guarantee and registered in England: registered office address 207-221 Pentonville Road, London N1 9UZ, company number 6825798, registered charity number 1128267.

AGE CONCERN ENTERPRISES

To fund its charitable activities, Age UK needs a constant flow of independent income. It seeks to achieve this through a balance of traditional fund raising and trading activities.

The trading activities, through Age Concern Enterprises, (ACEnt)  enable it to meet the needs of older people, through products specifically designed to meet these needs; quality products such as general insurance and energy Services.

ACEnt incorporates: Age UK Energy, Age Concern Insurance Services and Age UK Guaranteed Funeral Plans. Log on to http://www.ageuk.org.uk/buy/ for details.

Age Concern Enterprises is part of the Social Enterprise Coalition; an organisation that represents a wide range of social enterprises with the overarching aim of working in partnership for the creation of effective sector products, services and knowledge-sharing networks to help stimulate and encourage growth, development and sustainability of social enterprises in England.

Age Concern Enterprises Limited is authorised and regulated by the Financial Services Authority for insurance mediation (311438). Age Concern Enterprises Limited is registered in England and Wales No. 3156159, registered office: Astral House, 1268 London Road, London SW16 4ER. VAT Number: 710 3843 66. Age Concern Enterprises Limited is a wholly owned subsidiary of Age UK (registered charity No. 1128267 and registered company No. 06825798) and donates its net profits to Age UK.

Age Concern England (charity number 261794) has merged with Help the Aged (charity number 272786) to form Age UK, a charitable company limited by guarantee and registered in England: registered office address 207–221 Pentonville Road, London, N1 9UZ, company number 6825798, registered charity number 1128267.

Age Concern Enterprises is based at 4 th floor, 207 – 221, Pentonville Road, London, N1 9UZ. 

ABOUT Age Concern Home Insurance

Age Concern offers home contents insurance and is one of the few insurance policies which offers a low minimum sum insured for Contents, thereby allowing older people with fewer possessions to pay only for the cover they need.  Importantly, the policy is index-linked so that the level of cover rises with inflation and the full replacement value of goods will be made available.

Age Concern Home Insurance provides:

• Option to spread payments over 12 months at no extra cost (0% APR Typical).  Written quotations available on request.
• A low £25 excess (for most claims)*****.
• £1000 excess for subsidence, heave and landslip.
• Low minimum contents sums insured from £7,500 (the sum insured must represent the full replacement cost as new of all contents).
• Personalised service, tailored to older peoples needs and treating customers as individuals
• Contents cover against perils such as fire, flooding and theft that include the option of building insurance. Policies are indexed linked so that sums insured are increased in line with inflation. 
• A 24 hour domestic emergency helpline providing advice on where to find qualified and authorised repairers.
• A free legal helpline for independent and confidential advice on any legal problem.
• A range of additional benefits are automatically included e.g. costs of alternative accommodation, accidental damage to mirrors and glass, spoilage of frozen food and replacement of external locks if keys are lost or stolen.

• At Christmas, Age Concern provides its customers with a 10% seasonal uplift to their Home Contents maximum claims limit free of charge.  This could represent hundreds of pounds of extra cover at no extra cost.

*****Exceptions include subsidence for which there is typically a £1000 excess and touring caravans claims.

****** If you call the 0845 number for Home Insurance you will be dealing with Fortis Insurance Ltd which provides and manages Age Concern Home Insurance and is not a member of the Age Concern Group of companies. Fortis Insurance Limited is authorised and regulated by the Financial Services Authority

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