Aussies are losing $1.2 billion worth of items and are paying the price for it

‘I swear I just had it.’

‘It was just in my hand.’

‘How did it end up there?’

Sound familiar? We’re not surprised.

According to new research by bluetooth tracking app Tile, 1 in 10 Aussies are losing $1.2 billion worth of items every year.

Dubbed by Tile as ‘the losing epidemic’, the average Australian spends around 29 minutes looking for a lost or misplaced item, equating to 800,000 hours a year, or 7.6 days.

And despite the half hour attempt to find lost times, 7 in 10 Aussies lacked the true ‘Aussie battler’ spirit and gave up after a week, accepting that the item was well and truly gone.

RELATED: UBank reveals: 48% of Aussies admit to one major bad savings habit

The top 3 commonly lost items for both men and women included purses or wallets, mobile phones and house keys, while the TV remote, mobile phones and house keys were also the top 3 commonly misplaced items.

When it came down to the question of who was more forgetful, men were twice as likely to lose the TV remote than women. They were also clumsier when it came to misplacing luggage, passports, phones and other gadgets.

Diminished trust in relationships was also a regular occurrence within the survey, as 1 in 4 Aussies admitted to have argued with their partner over a lost item.

But the real loss is the price Aussies pay to replace lost items and with the average replacement cost at $115, it brings the losing epidemic to a painfully close $2.2 billion.

“Losing a much-loved item is frustrating enough, but the real problem is the cost to replace items, and if you’re famous for losing your phone or high end sunglasses, think about the stab this takes to your savings,” warns Mozo Director, Kirsty Lamont.

However, if you do consider yourself as a repeat offender when it comes to losing valuable items, there is a way to avoid this annoying and unnecessary fee.

Adding ‘portable items’ cover to your home and contents insurance policy could be the cost-effective solution to your bad habit.

This policy feature provides cover for portable items, like your phone, camera or jewellery. While you have two options for the type of portable items cover - specified or unspecified, you’ll be covered against loss or damage that occurs within your home.

It’s worth mentioning that adding portable items cover to your policy may raise the cost of your premium, but you can rest easy knowing you’ll never have to worry about a lost watch again.

Want to know how your home insurance policy compares? Have a quick skim below or check out our home insurance comparison tool for more options.

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* Terms, conditions, exclusions, limits and sub-limits may apply to any of the insurance products shown on the Mozo website. These terms, conditions, exclusions, limits and sub-limits could affect the level of benefits and cover available under any of the insurance products shown on the Mozo website. Please refer to the relevant Product Disclosure Statement and the Target Market Determination on the provider's website for further information before making any decisions about an insurance product.

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