Could Social Networking Cost Extra Holiday Home Insurance?
To their devotees, social networking sites such as Twitter and Facebook have quickly become integral parts of their lives
. Every aspect of their daily existence - be it idle thoughts or plans for the weekend - seem to appear on regular status updates. However, new studies suggest that placing too much information about your itinerary could seriously affect the amount you pay for holiday home insurance.The Association of British Insurers revealed this week that thieves are surfing social network sites to find out details of users' holiday plans. With an estimated 40 per cent of us posting details of our destinations online, it said some insurers might take the opinion that this constitutes a breach in the customer's duty of care. The conclusion is simple: by failing to monitor how much information about themselves appears online many people could face heavy financial penalties further down the line.
The main focus of this study is the domestic market, but you should also take into account how this can impact on the cost of holiday home insurance. Despite the recession many of us are still choosing to invest in overseas property, and when we do it can be tempting to post information and pictures online.
That would be a mistake. The more information about a property you allow to become publically visible, the more vulnerable it will be. As insurance companies adjust their business models to take account of the demand for social networking your favourite sites could push up the amount you pay for holiday home insurance.
Simple steps include making sure you do not post any details of the property address on your site. You might also consider how many photos you make available. Although you can restrict access to these images you do not always have control over what appears in the public domain. Most importantly be careful about who you accept as a friend and constantly monitor privacy settings on any account you have.
Sometimes it is easy to let your guard down online, but it is imperative to take the same precautions as in any other part of life. While most people would happily share holiday plans with friends, they wouldn't dream of letting total strangers know what they have planned. Whenever you post information online always consider who might be watching. It may seem excessively cautious, but if it can save money on holiday home insurance it will be well worth the effort.
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