A recent study by Tesco Finance has looked at the damage we do in our own homes and found some startling results.
Children are one of the major culprits when it comes to damage around the home, racking up over GBP136 million worth of home insurance damage claims per year. Following on in value is the effects of alcohol, costing around GBP95 million in broken items and stains caused by spills. Following on from these is the damage caused by family pets, with a total of GBP87 million worth of damage every year from our faithful friends.
The biggest source of claims, for Tesco home insurance at least, is what they are calling horse play. Just messing around leads to a massive GBP325 million worth of damage and accounts for 25 percent of all contents insurance claims.
A study by Zurich Insurance has revealed that over 15 percent of property owners have had to get proper tradesmen in after struggling to do it themselves.
The biggest reason these people had for going down the DIY route was saving money, with a third of people citing this reason. However Zurich Insurance found that they typical cost of making right the damage caused came to GBP280. Home insurance knowledge was a little shaky on the subject too, with almost 75 percent of people not knowing if DIY disasters would be covered.
Also regarding home insurance the Zurich Insurance survey found that nearly half the respondents would not think to inform their insurer if major improvements to the property were to be made.
Get a great quote on Zurich Home Insurance today.
According to Sainsburys Bank around 20 percent of UK homeowners are planning major changes to the structure of their properties in the next 12 months, though how many of them realise they should tell their insurer is another matter.
Around a third of those planning their home improvements were nor aware that their insurer should be made aware of the changes. Logically it makes sense since home insurance uses the information provided by the owner to determine the policy cost. If someone then adds on a new kitchen and conservatory for example the insurance company, be it Sainsburys Bank or another, would need to know the changes to make sure they are insured.
It is perhaps easy to forget about home insurance, said a Sainsburys Bank spokesman, since it is not visible and covers the house, but property changes really can change the value of the property and the amount it needs to be insured for. For this reason property owners should advise their insurer of the changes and save themselves problems in the future.
