Alphabetised your vinyl collection lately or redecorated the kids’ playroom? If you have one or both of these in your home, you’re doing pretty well for yourself.
So says new research by LV= Home Insurance anyway, which has listed 11 things found in ‘mass affluent households’, including underfloor heating and a wine fridge.
However, the company says more than three quarters (79%) of these houses are actually underinsured, because as the owners have become richer and acquired more stuff, they haven’t revised their contents insurance to cover everything.
Selwyn Fernandes, managing director of LV= Home Insurance, told City AM: “An increase in disposable incomes has seen many people fill their homes with luxury goods but because they don’t consider themselves ‘mid-net-worth’, many people haven’t upgraded their contents cover at the same time.”
The insurer surveyed 1,000 households with an income of over £57,000 and compiled the 11 home items or features that show you belong to a ‘mass affluent’ household. Are these ‘posh’ items on your list?
1. Home office
Your daily commute takes all of 30 seconds, as you stumble from your bedroom into your ‘study’, often still in your pyjamas. When you bought the house, it was advertised as a fifth bedroom, but it’s really only big enough for a desk and a futon at a push. (Owned by 37% surveyed)
2. Vinyl collection
It doesn’t matter if you’re old enough to have an ‘original’ vinyl collection or you’re a young hipster who spends the weekends browsing for vintage finds, both count. (Owned by 18%)
3. Limited edition art
We don’t all have walls covered with Rothko and Matisse (frankly, who does?), but perhaps there’s a family heirloom in the attic that’s worth more than you think, or that piece you picked up at the car boot is really a long-lost Picasso? (Owned by 18%)
4. Kids’ play room
You thought it was more of a storage solution than an actual room, but it turns out that having a place where you chuck all the toys and close the door makes you quite wealthy. (Owned by 13%)
5. Music delivery system
OK, you do have to be pretty tech-savvy to have one of these – and smart speaker systems like Sonos, which stream your favourite music to any or every room, don’t come cheap. (Owned by 13%)
6. Underfloor heating
It seemed like a cost-efficient way of replacing your old radiators – although the initial outlay and upheaval weren’t so hot – but now you love the cosy feel of the warmth under your feet. (Owned by 13%)
7. Nutrient extractor
Your other half bought you a NutriBullet for Christmas – and let’s be honest, it’s been languishing at the back of a kitchen cupboard ever since. But it’ll definitely come out when the weather warms up… (Owned by 12%)
8. Wine fridge
Sounds posh, but you can pick up a wine cooler for as little as £79.99 at Curry’s. Or maybe you couldn’t be bothered to take your old fridge to the tip when you upgraded, so you now have a ‘drinks fridge’ by default. (Owned by 12%)
9. Walk-in wardrobe
Before the kids flew the nest, this was actually one of their bedrooms – and you’re still reeling from their outraged reaction when they came home at Christmas to discover a room full of mum’s clothes and all their stuff boxed in the attic.
(Owned by 11%)
10. High-end paint or wallpaper
You know the stuff, paint with names that are more concept than colour and wallpaper so expensive it makes you double-, triple- and quadruple-check the area of your wall – minus every window and door – so you don’t buy more than you need. (Owned by 10%)
11. Range cooker
This one actually involves a bit of forethought, so no excuses if you have an AGA, you’re genuinely quite posh. (Owned by 10%)
How many of these do you have in your house? Do you consider yourself affluent? Tell us in the Comments section below.