• AXA warns nation is underestimating the value of their garden sheds

    April 18th 2017. Posted in Home Insurance

    • The average household with a garden believes they store £363 worth of items in their sheds, making the total value of the UK’s sheds an estimated £6billion1
    • However, AXA's claim figures has shown that the average claim for shed contents is over three times this amount2
    • 53 per cent of households haven’t checked their home insurance policy to see what aspects of their homes and gardens are covered in the past year, while 15 per cent do not keep their sheds locked
    • Households with three bedrooms are 14 per cent more likely to make a claim for gardens and sheds

    18 April 2017: Households with gardens are estimated to store an average of £363 of contents in their sheds according to research by AXA Insurance. And with 65 per cent of households with gardens that include sheds, the contents of the UK’s sheds as a whole potentially adds up to over £6billion.

    Londoners have the most expensive shed contents, averaging at £428, followed by Yorkshire and the Humber at £381 and East Anglia at £374. Londoners would also spend the most on a new shed at an average of £1,298 followed by Wales at £1,052, whilst the national average is £908.

    Region

    Average Value of Shed Contents

    London

    £428

    Yorkshire and the Humber

    £381

    East Anglia

    £374

    Scotland

    £371

    North East

    £370

    Wales

    £365

    East Midlands

    £338

    South East

    £336

    South West

    £333

    North West

    £333

    West Midlands

    £313

    The value of garden sheds
    Claims data from AXA Insurance has shown that the average claim for contents stolen or damaged in sheds can run into the thousands. In fact, the average claim amount is over three times more than the £363 survey respondents believed the contents of their sheds are worth, highlighting just how much the nation underestimates the value of their sheds.

    The number of bedrooms you have can also have a role to play in how likely you are to make a claim for your shed. Households with three bedrooms are 14 per cent more likely to make a claim for their gardens and sheds, suggesting that households of this size are more likely to invest in their outbuildings and gardens.

    Protecting garden sheds
    Even though we store hundreds of pounds worth of contents in our sheds, 53 per cent of households haven’t checked what aspects of their sheds and gardens are covered under their home insurance policies in the last year. What’s more, 15 per cent do not typically keep their sheds locked, which means if they are broken into they may not be able to claim on their insurance.

    Gareth Howell, Managing Director, Direct & Retail Partnerships at AXA Insurance said: “As a nation we massively underestimate the value of the contents of our sheds and, at times, don’t spend as much time protecting them as we should. Even if you currently only use your shed for storage, it’s still important to check your policy to ensure that your items are protected and that you have a high enough cover limit.

    “At AXA, we’re inspiring the nation to transform their humble sheds, and this year we’re sponsoring the Grand Sheds Project at Grand Designs Live. At the show five competitors will showcase their designs, including a sewing room, a reading snug and a Miami-themed bar. This shows that nearly anyone can transform their shed into something amazing, and by taking care of it with proper security and cover in place you can enjoy it for years to come.”


    AXA Insurance will be attending Grand Designs Live at the Excel, London between 29 April and 7 May where they will be sponsoring the #GrandShedProject feature. To find out more, visit:
    www.axa.co.uk/GDL
    Media Contacts 
    Notes for Editors 
    1. Figures obtained from research commissioned by AXA of 2000 UK households who have a garden. The research was carried out by OnePoll in March 2017.
    2. Statistics from AXA and Swiftcover Home insurance policies with a settled claim as provided from the ‘Claims Listing Tool’. All claims must have an incurred amount below £5000 (but non-zero) where the loss date occurs in between 1st December 2013 and 31st December 2016 and is within 365 days of the policy year start date.

     

    Enquiries

    Rebecca D’Cunha, 07775 014 987 – rebecca.dcunha@axa-insurance.co.uk


    About AXA

    The AXA Group is a worldwide leader in insurance and asset management, with 166,000 employees serving 107 million clients in 64 countries. In 2016, IFRS revenues amounted to Euro 100.2 billion and IFRS underlying earnings to Euro 5.7 billion. AXA had Euro 1,429 billion in assets under management as of December 31, 2016. In 2016 Interbrand ranked AXA the 1st insurance brand worldwide for the 8th consecutive year.

    In the UK AXA operates through a number of business units including: AXA Insurance, AXA PPP healthcare and AXA Ireland. AXA employs over 10,000 staff in the UK.

    The AXA ordinary share is listed on compartment A of Euronext Paris under the ticker symbol CS (ISN FR 0000120628 – Bloomberg: CS FP – Reuters: AXAF.PA). AXA’s American Depository Share is also quoted on the OTC QX platform under the ticker symbol AXAHY.

    The AXA Group is included in the main international SRI indexes, such as Dow Jones Sustainability Index (DJSI) and FTSE4GOOD.

    It is a founding member of the UN Environment Programme’s Finance Initiative (UNEP FI) Principles for Sustainable Insurance and a signatory of the UN Principles for Responsible Investment.