British kids are toying with a fortune

Being sent to your room is no longer a punishment for the nation’s youngsters, as new research by home experts Lloyds TSB Insurance reveals that kids’ bedrooms are crammed with expensive toys and technology worth a whopping £25.4 billion.

The survey into children’s toys and technology found the average kid’s bedroom is now worth a piggybank busting £1,720, up 7 per cent from 2006 (£1,607). Incredibly, one in ten bedrooms is filled with goodies worth over £3,000. And their value is set to rocket still further this Christmas as 90 per cent of parents intend to splash out up to £500 per child on presents with the Nintendo Wii - for those lucky enough to lay their hands on them - Transformers and the Igglepiggle doll topping their shopping list.

The survey revealed that some kids’ bedrooms are better equipped than any other room in the house. As many as one in 20 parents ranked their contents as more expensive than even the living room or kitchen. The vast majority of kids (70 per cent) had a television in their room while 53 per cent had a DVD player and 51 per cent a games console. Over a third (37 per cent) of kids had an MP3 player and almost one fifth (17 per cent) had digital TV. An impressive 15 per cent of kids were the proud owner of a single toy or gadget worth over £500.

But despite the high price tag of kids’ bedrooms, parents were unsure whether they were suitably insured. One quarter (25 per cent) had never calculated the total value of their home contents, while more than half (58 per cent) had not checked whether their policy extended to cover the value of Christmas presents.

According to the research, the toys topping this year’s Christmas shopping list are:

1. Nintendo Wii
2. Transformer
3. Igglepiggle Doll
4. Playstation 3
5. X Box 360
6. Dr Who Dalek Mask
7. Sky +
8. Puppy Grows

Phil Loney, managing director of Lloyds TSB Insurance, said: “Behind closed doors kids’ bedrooms are turning into Aladdin’s Caves of toys and technology. And their value is only going to increase this Christmas as parents splash out on the latest must-have toys. But despite kids’ bedrooms costing a small fortune, many homes may not be adequately insured as parents don’t necessarily know how much their home contents are really worth.

“Parents should take time to calculate how much the contents in every room is worth and make sure their policy covers the total value. They should also check whether their policy automatically extends at this time of year to cover the extra cost of all the Christmas presents in the home, or look for a policy that offers unlimited contents cover as standard.”

Lloyds TSB Insurance Home Solutions policies offer unlimited cover for home contents all year round including a seasonal increase cover of £3,000 for single item valuables. The Home Solutions product has been rated Five Star for quality of cover by Defaqto, an independent financial research company. For more information visit any branch of Lloyds TSB.