Home Insurance
Home Insurance
Home disasters underline home insurance role
Tue, 06 Jun 2006
The average household will experience six home disasters over the course of a lifetime, ranging from stained carpets to flood damage.
But many people are taking a massive gamble with their family's wellbeing by not taking out cover for the full value of a home and its contents, leaving a potentially huge shortfall if the worst comes to the worst.
New research by home insurer Churchill revealed that some 3.2 million UK homes experienced a disaster or some form of accident last year, equating to six every minute of every day.
The most frequent claims were for accidental damage, such as stained carpets, DIY accidents and broken electrical goods. Damage such as this can be expensive, although many homeowners do not claim on their home insurance believing raised premiums would not make it cost effective.
By contrast damage caused by fire, flood and subsidence can be devastating, particularly if the homeowner has not taken out a home insurance policy covering the full value of the house and its contents.
Sadly major home disasters such as these are not as uncommon as many believe, and certainly not sufficiently rare to warrant foregoing a comprehensive home insurance policy.
Indeed Churchill's research revealed that some ten per cent of homes will experience a fire, six per cent will subside, three percent will be flooded while a staggering 50 per cent of houses can expect to suffer some form of storm damage.
Martin Scott, head of home insurance at Churchill, said: "Whilst the smaller household accidents are inconveniences which affect us all, a number of householders will suffer a major disaster and the effects could be devastating.
"Householders without the reassurance of home insurance can spend years rebuilding their lives should such disasters occur."
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