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Leisure and technology boom

Published: 17/05/2017

Leisure and technology boom

Burgeoning British sporting success; the ever increasing popularity of events like the London Marathon and the Fit-bit era, where we're told exercise is the key to long lasting good health, have inspired many people to get on their bikes and, well, jog on. And what inevitably accompanies this is a varying amount of expensive kit. We've seen significant growth in wrist-worn devices, as well as, pardon the pun, the expanding trend for luxury ‘athleisure’ wear in the UK. 

As your insurance broker what we would say to you is – many people buy their sporting equipment piecemeal fashion and may not realise quite just how much they've accumulated in terms of replacement value.

This issue has been highlighted by Ecclesiastical Insurance who estimate that:

  • For runners, equipping themselves for action can cost around £700, including clothing and trainers and a fitness band around their wrist. Add a smartphone and headphones for music and you’re somewhere north of £1,000.
  • For cyclists – for the serious enthusiast – costs can be significantly higher. It’s not difficult to spend £3,000-£4,000 on a well-specified lightweight road bike; same again for an off-roader. A decent locker of sports kit– helmet, shoes, summer and winter clothing, lights – and the value racks up even more.
  • On the tech side there has been a huge increase in wearable and bike-mounted tech, such as GoPro helmet-mounted cameras, Garmin cycle-mounted GPS, and a Stages Power Meter with   Bluetooth to measure crank power.
  • If cycling families have bought the upper end of the range for the kids too there could easily be £20,000 - £30,000 worth of bikes and related kit either parked in the garage or out on the roads at any one time. 

Technology as standard

It's a similar story for technology and gadgets that have also become very much an integral part of our lives. Once more it can be easy to overlook just how much we have. See the example below, it's surprising how quickly it can add up – and remember, there’s always the latest and greatest version of each device, raising the overall value of your technology with each purchase.

4 smart phones - £3,000
2 action sports cameras - £750
3 smart watches - £1,110
4 tablets - £3,100
2 fitness bands -£250
3 headphones - £850
2 laptops/desktop - £4,000
2 games consoles - £600
Games - £750
2 gaming headsets - £100
Wireless speakers - £5,000
4 digital TV boxes - £1,000
Router and booster - £100
Smart home heating control - £100
4 smart TVs - £15,000
Technology total - £35,710

*Examples for guidance only, prices taken across various premium brands at 11/16

This might look like a lot, but the amount of technology in your house, used by all the family, may be more than you think (and it's always important to remember to include any software in your contents valuations, and not forgetting music and film collections).

All of these things form part of your evolving insurance needs and should be included in your home insurance as soon as you get them and not just at renewal.

In addition to the proper contents cover good risk management is also important:

Buy the correct, approved lock for the value of your bike; make sure that bike sheds and garages are properly secured to prevent loss, or sign up to schemes such as Bike Register.

You can minimise the impact of loss by the use of forensic property marking such as SmartWater, and ensuring photos and data from devices are uploaded to the cloud.  Keeping track of kit is very useful if you need to make a claim, as is a library of photos of equipment to simplify the claims process.  And don't forget to include any items kept at school too, as these can still be part of their home cover.

For any help with valuing your contents, adding additional items to your cover or just good advice on how to protect your property – call Flint Private Clients on 020 8309 5000.

 

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