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MySpace and Facebook cause rise in Home Insurance premiums

Published: 01/09/2009 by Comments

Users of social networking sites, such as Facebook, Myspace and Twitter, could find themselves facing higher home insurance costs as they are making themselves ‘easy targets’ for burglary, experts from Legal & General revealed today.

Parents are being warned that, should the latest plans come into fruition, they could be charged more for their insurance even if they don’t belong to the sites listed - but their children do. With websites such as Facebook offering users the chance to update their ‘status’, many opt to announce that they are going on holiday for two weeks or have just bought a new, expensive gadget, making them prime targets for eagle eyed thieves. The advent of Google maps and street maps makes it even easier for would-be burglars to look up addresses and postcodes, especially if users are revealing too much personal information on their profile.

Although Facebook and Myspace give privacy options so that only ‘friends’ can view certain details, a large number of youngsters are giving complete strangers or vague acquaintances access to their personal information.

The latest digital report highlighted the fact that teenagers are the worst offenders when it comes to posting revealing information online and that, from a poll of 2,000 users, 41% had posted personal details such as date of birth, mobile phone numbers and postcodes on social networking sites.

Although the proposed plans by Legal and General haven’t been confirmed yet, with burglaries on the increase for the first time in ten years, we may see other insurers follow decide to adopt the same tact when approving new customers in coming months.

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