Homeowners advised not to double up home insurance
Mon, 11 Apr 2005
Homeowners are being urged to check that they are not paying twice to cover electrical goods.
Sainsbury's Bank is hoping to make the public aware that many home insurance policies cover a wide range of household goods and therefore they should avoid buying extended warranties.
The bank is calling for new regulations to be introduced that will encourage retailers to advise customers to check their home insurance policy prior to selling the often expensive warranty cover.
Robert O'May, home insurance manager at Sainsbury's Bank said: "An extended warranty is simply an insurance policy so before taking another one out, people should first find out if they are already covered under their existing home insurance.
"It's worth noting that some of today's warranties can provide cover for theft and accidental damage, elements that most home insurers provide as standard."
It is estimated that around £800 million is spent each year on extended warranties that may be simply duplicating existing cover.
© DeHavilland Information Services plc
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