Personal Possession cover rise

Paymentshield has revealed a 23% increase in the application of personal possession cover over the last year.

With the number of muggings on British streets up by around 8% from last year, Paymentshield’s figures showed people are taking action to cover and help protect themselves against the theft of their personal belongings. But with only 50% of all building and contents (B&C) policies now including this cover option, a large proportion of the market remains unprotected from theft.

Paymentshield has called on intermediaries to help ensure people are fully informed about the different cover options available as part of their Building & Contents policy.

Chris Traynor, sales and marketing director at Paymentshield, commented: “It is good to see that more and more people take up a personal possessions cover as part of their Buildings & Content policy. The increase in muggings clearly highlights how important it is to make sure your personal belongings are covered outside the home.

“Most people never really realise how much they carry around in their handbags and pockets until they have to count their losses – it is not simply a question of keys and a wallet anymore. Items such as iPods, mobile phones, designer sun glasses and handheld computers all add up.

“We are pleased to see that more and more intermediaries are advising on and selling this valuable cover to their customers.”

You can help cover your personal possessions for a small monthly/yearly fee. Protecting your possessions can save you alot of time and hassle, especially in the after event of theft.

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