A new survey by M&S home insurance has revealed that, with many people set to head out into the garden this Easter weekend, many shed owners may be under estimating the value of the contents of their shed and not taking appropriate steps to secure their property.
The survey by home insurance provider M&S Money found that the average shed contains a massive £888 worth of property. One survey respondent admitted to keeping £30,000 worth of goods in their shed.
However, almost a quarter of shed owners (24%) admitted failing to take steps to secure their shed, such as using a lock on the door.
The lack of security may help to explain why sheds are often targeted by thieves – 30% of shed owners know someone who has had property stolen from their shed.
Judith Roberts: Manager at M&S Insurance, said: “Sheds often contain a wealth of property, including tools or machinery which can cost thousands of pounds. Our survey reveals that many people fail to take even simple steps to secure their shed. It’s not surprising, therefore, that insurers receive many claims for theft from sheds.
“Householders should check whether their home insurance policy provides cover for theft from the shed, and whether there is a limit on that cover. Even if you do have insurance, unless you secure your shed, any claim may be invalid.”
The M&S home insurance policy provides unlimited cover for theft of property from a shed. Policyholders must take reasonable steps to ensure they have secured their shed.
All figures, unless otherwise stated, are from YouGov Plc. Total sample size was 1971 adults. Fieldwork was undertaken between 18th – 20th March 2009. The survey was carried out online. The figures have been weighted and are representative of all GB adults (aged 18+).
About M&S Money
M&S Money (the trading name of Marks & Spencer Financial Services) was founded in 1985 as the financial services division of Marks and Spencer Group plc. The company is now a top ten credit card provider and the second largest travel money retailer in the UK. M&S Money also offers a range of insurance cover, including home insurance, pet insurance, car insurance and wedding insurance, as well as loans, savings and investment products.
In November 2004, Marks & Spencer sold M&S Money to HSBC. The Group serves customers worldwide from around 9,500 offices in 86 countries and territories in Europe, the Asia-Pacific region, the Americas, the Middle East and Africa. With assets of US$2,527 billion at 31 December 2008, HSBC is one of the world’s largest banking and financial services organisations.
M&S Money has an executive committee comprising an equal number of representatives from HSBC and Marks & Spencer. An ISDN line is available for broadcast interviews