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Shopaholic north spends on gadgets and fashion over house repairs

Immediate release: 25 May 2007

Research published today by comparethemarket.com, the online insurance comparison site shows that people in the North – including the North West, Yorkshire and Humber – are almost twice as likely to spend their money on the latest gadgets and fashions instead of essential house repairs – than those in the South including Greater London.

But image conscious Northerners do appear to be the most sensible when it comes to protecting their plasma TVs, iPods and designer clothes with only 12 per cent claiming to having no contents insurance cover. This compares to Southerners who are the worst at insuring their goods, with 18 per cent admitting to having no contents cover, leaving their prized possessions in more danger.

Of those who have insurance cover, homeowners in the South are the most savvy when it comes to making their insurers pay up with just 15 per cent not making claims for lost or damaged luxury items. In the North this rises to 24 per cent of homeowners who don’t make claims for their belongings meaning they are shelling out more money to replace their possessions.

However, Northerners are the most practical when it comes to regularly updating their policies after major shopping sprees (18 per cent) and similarly a cautious 18 per cent go as far as photocopying receipts to provide proof of purchase for future claims should the need arise. Southerners appear to be the most relaxed when it comes to contents cover – with 27 per cent admitting to guessing the value of their home contents.

Jeremy Moll, director of comparethemarket.com said, "No matter where we live, our homes are by far the most expensive items we own, and as we continue to invest our time and money on furnishing them with luxury and designer fixtures and fittings, it's surprising to learn nearly a third (27 per cent) dumb down the value of their belongings just to keep the insurance costs low.

For the bling and hi-tech generation, I'd strongly recommend valuables are adequately insured protecting them should the worst happen."