Black Friday and contents cover

Mortgage Introducer

November 14, 2018

Jay Naylor, marketing director, PRIMIS and PTFS

The annual consumer binge that we’ve imported from the US known as Black Friday and Cyber Monday is once more just around the corner. During 22 – 26 November (the Thanksgiving weekend in the US) millions of British shoppers will hit the high street and go online in an effort to secure discounts on big ticket retail items. Last year, more than £7bn was spent in the UK over this four-day period, and even with Brexit just six months away, we can still expect the retail splurge to be significant this year.

In the rush to secure a bargain, thousands of homes across the country could see a dramatic spike in the value of the contents held within their properties. New smartphones, tablet, stereos, TVs, white goods and games consoles all need to be insured against theft or accidental damage – so the advent of Black Friday and Cyber Monday is a great opportunity for intermediaries to open up a dialogue around reviewing home and contents cover with clients.

Advisers can play a key role in terms of reminding clients that insurance cover requirements can and do change – and that they need to adjust their policies accordingly. A family’s insurance needs can vary quite significantly throughout the year, which means there are multiple opportunities and triggers to discuss general insurance requirements with customers. A change in working circumstances, a new addition to the family, a planned property renovation or the purchase of expensive gadgets may all mean that a client’s insurance provisions will need updating.  Advisers can help the client to reassess their insurance cover to ensure that the policies match exactly what they need.

With Christmas just one month after Black Friday and Cyber Monday, the impact of consumer spending on the value of home and contents cover, and the need to review insurance, is essential over the next two to three months. Burglaries tend to rise over the Winter period, so it is imperative that brokers are making clients aware of the increased risk to their homes and possessions. Over the festive fortnight in 2017, the total number of thefts in England and Wales reached 6,278, a rise of over 750 thefts against the previous year.  While every homeowner believes their property is safe and secure, it is important to give clients piece of mind with a full review of their content’s insurance provisions at peak times, notably as the countdown to Christmas.

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