Insurance News Archive
Home disasters underline role of home insurance
The average household will experience six home disasters over the course of their lifetime, according to latest research.
However, many people are taking a gamble with their family's wellbeing by not taking out cover for the full value of their home and its contents.
A survey by home insurer Churchill reveals that approximately 3.2 million UK homes experienced a disaster or accident last year from stained carpets to flood damage.
The most common accidents were as a result of DIY and broken electrical goods and damage like this is proving expensive for those who do not have sufficient home insurance cover.
Damage caused by fire, flood and subsidence is also becoming increasingly widespread and may warrant a comprehensive home insurance policy.
Figures show that ten per cent of homes will experience a fire, six per cent subsidence and three per cent will be flooded.
"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," Martin Scott, head of home insurance at Churchill, commented.
07 Jun 2006