Sainsburys Bank home insurance division has found that just short of 10 million people are thinking of planting trees in their gardens this year and would like to warn them about the threat of subsidence.
The main advice given by Sainsburys Bank is to select a tree that will be of a suitable size for the garden and also to plant it a good distance away from the house. If homeowners do not follow this advice they may find an increased risk of subsidence and the need for an insurance claim. Leylandii and Willow are two of the most troublesome trees it has been found.
A Sainsburys Bank spokesman revealed that home insurance claims for subsidence have cost British insurers over GBP700,000 per day over the last 5 years. It is therefore important to be aware of the risks before going ahead with planting a tree.
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.
AA Insurance has asked the government to continue investing in flood defences as well as suggesting local councils should not approve building in high risk areas.
The floods of last year were exacerbated by the inability of the drainage systems to take the water away, aspects that the government can have a big say in. Around 180,000 claims were made last year following the floods said AA Insurance, costing insurers some GBP3 billion. There were also many people without home insurance who suffered as well, highlighting the need for both buildings and contents insurance to protect the most valuable assets people have.
Looking to the future there may be a situation where insurers like AA Insurance and others refuse to cover people for flood damage unless steps are taken to improve the defences available. Such a scenario would be a nightmare for homeowners of course. An alternative may be higher premiums, though the increase would be large in order to cover the potential risk, again leading to many consumers being unable to afford the cover they need.
