The last year has added a myriad of risks to an already drastically underinsured property market. Whether this is the near 700,000 people that have had a home gym installed according to Powered Now, or the 12% of Brits that have rushed their home moving process according to data from property concierge platform Moveable, the last year will have seen millions of policies drastically affected, and perhaps void entirely.

The sale of home workout equipment increased by a massive 5813% since March 2020 according to Idealo, and data from Powered Now shows just how many people made policy-affecting changes to their homes and content:

• Brits spent £110.3bn on home improvements over the course of the pandemic
• 7% of Brits built an outhouse/shed
• 696,000 people have had a home gym installed

This new and expensive equipment will add further risk to the 6 million homes in the UK don’t have any form of home insurance according to Nelson Insurers, which amounts to £266 billion of content at risk.

As with any new and expensive purchase, it is vital to inform your insurer of the details of these new additions. However, if the new gym is in a shed, outbuilding, or outside entirely, it may not be covered in your policy at all. This leaves valuable gym equipment or even just extra items kept in the shed for storage at risk.

After a year of home improvements and moving house, Simon Bath recommends asking:

• Is the entirety of your new home insured, is there enough time to work out the cost of everything, from the sink to the sofa?
• If you have moved home, do you have insurance from the date of exchange, which is often before you move?
• Premiums are at an all-time high, did you give yourself time to shop around for the best deal?
• Does your policy cover moving items, and does it require your removals company to have their own insurance?
• Have you had a detailed conversation with your insurer to discuss the scope of your contents insurance? Many require you to manually request out of home cover, or removals cover, and will need you to specify particular items of value if not stated in the cover.
• Is your home gym covered? Even if it is an an outhouse or garage? Your valuable gym equipment or extra items kept in the shed for storage could be at risk, as some policies require specific types of cover for out buildings.

The amount of people who have moved home has likely worsened this crisis. Almost a million people took the plunge, undertaking what many say is the most stressful event of their lives. The peripheral fallout is evident; amidst a rush to complete in time for the deadline comes a very apparent risk that Brits may overpay or forget their home insurance entirely.

Simon Bath, CEO of Moveable, discusses the importance of being fully protected:

“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.

Home and contents insurance is a tricky subject at the best of times, and one that many people get wrong. When rushing to make the stamp duty deadline, organising a policy can easily fall by the wayside. Even for those that that haven’t moved home, new and expensive equipment can add fresh risk – worsened when in a shed or garage.”