Social networkers to see home insurance prices rise

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Spudz
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Social networkers to see home insurance prices rise

Postby Spudz » Wed Sep 15, 2010 11:36 am

Social networkers to see home insurance prices rise
Posting location could be classed as negligence
Carrie-Ann Skinner

Social networkers who use location-based services such as Facebook Places should expect to see their home insurance premiums rise, says Confused.com.

The online insurance firm, which predicted earlier this year using social networks could plead to hikes in insurance premiums, issued the warning after a burglary scam in the US saw 50 homes broken into $100,000 worth of goods stolen.

The criminals used Facebook to monitor when web users 'checked in' to places on the social network, highlighting the fact they were away from home, and then targeted the empty properties.

"What's happened in the US could be the start of a worrying trend and if insurance providers see it as a potential risk, you can bet your home contents on the fact they'll start pricing for it," Gareth Kloet, head of home insurance, at Confused.com

"Something like Places on Facebook broadcasts people's locations on a platform which has 500 million users - you don't need to be an insurance provider to see the risk that poses. I wouldn't be surprised if we see rises of up to 10 percent for social media users in the future."


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