Hated ‘hand-me downs’ worth £50 million

The nation is hoarding £50 million worth of inherited items and hand-me downs that they don’t actually like according to home insurance provider Abbey.

Over one-in-ten people (12 per cent) have their homes cluttered up by inherited items with an average person owning 12 items at an estimated value of £9,466 per person

Over half (53 per cent) of those people with unwanted heirlooms choose to bury them away somewhere in the house, while one-in-five (20 per cent) decide to just sell them on. 15 per cent have chosen to bite the bullet and display the item even though they dislike it, while seven per cent gave it away either to a charity or as a gift.

The most hated of hand-me downs are ornaments, quickly followed by jewellery, furniture and collectables or memorabilia, like a stamp collection. However, the majority of people (52 per cent) keep the items because they are sentimental or would feel too guilty to sell them (36 per cent). Seven per cent plan to sell the items but have not got round to it, while five per cent are waiting for the items to appreciate.

Prasad Shastri, Head of Insurance Marketing at Abbey, said: "Many people don’t want to pay to insure these unwanted items separately, however should something happen to your home and you only have a limited sum policy you may end up not recovering the full value of the items in your home. With an unlimited sum insured policy you will be less likely to be underinsured.”

When it comes to insuring these heirlooms while 81 per cent do not take out specific insurance for them, over one-in-five (23 per cent) say they are covered on their home insurance that is limited to contents value. Twenty seven per cent simply say that they are not insured for them at all.

For people looking for unlimited sum insurance, Abbey's Peace of Mind home insurance policy provides this for properties with less than six bedrooms. The cover includes as standard, up to £10,000 for valuables, which includes jewellery, watches and works of art. If cover over £10,000 is required or cover for individual valuables over £1,000, then this can be arranged. This is the third year running that Abbey has been awarded a five star rating by Defaqto, making it one of only five providers to have ever achieved this honour.

Free advice on how to ensure that you have adequate cover for your house and possessions is available at any branch of Abbey, or for more information about Abbey’s home insurance, visit abbey.com/insurance.