What are the most common home insurance claims in the UK?
<p style="text-align:center;"> <img title="Most Common Home Insurance Claims Infographic" src="https://www.ashburnham-insurance.co.uk/wordpress/media/home-insurance-claims-infographic.jpg" alt="Most Common Home Insurance Claims Infographic" /> Infographic by <a title="Ashburnham Insurance Services" href="https://www.ashburnham-insurance.co.uk">Ashburnham Insurance</a></p>
The Top 5 Most Common Home Insurance Claims in 2017
- Water Damage: 28%
- Storm Damage: 19%
- Accidental Damage: 17%
- Theft: 14%
- Other: 12%
- Fire Damage: 10%
There are 22.6 million homes in the UK, but 5 million households (more than 1 in 5) do not have home contents insurance.
The average UK household contains worth in excess of £35,000 – that’s more than the average salary of £27,000. As a nation, we have a lot of “stuff”. Currently, there is estimated to be £266 billion worth of unprotected stuff owned in the UK at risk. And with online shopping at our finger tips, and a constant desire for the latest widget, we will only accumulate more. Those in the lower-income brackets are the least likely to purchase home insurance, and yet they are the households with the most to lose financially as they are less likely to have the financial savings required to cover costs of repair and item replacement should there be an incident. Only 39% of those earning £15,000 or less have contents insurance, whilst 78% of households with the highest incomes do hold contents insurance.
These figures could be attributed to home ownership. Those on lower incomes probably do not own their own house, and therefore will not have purchased home insurance. Home insurance often bundles buildings and contents cover as a combined insurance package, to better protect the home owner against all potential risks.
Water damage is by far the most common reason for a homeowner to claim on their home insurance, and it can often be the most costly. The average claim for a burst pipe is a staggering £25,000. Escape of water, flood, and accidental water damage can all wreak havoc on your possessions as well as the building itself as it soaks into the carpet and floorboards causing further damage.
When the average combined premium costs only £309 for both buildings and contents cover, are you willing to take the risk should anything happen to your home?
Mark Sherpherd, Head of Property at the ABI (Association of British Insurers):
The values of possessions owned by the average household will come as a shock to many. But with the list of ‘must haves’, such as electrical gadgets, ever-expanding it can be easy to under-estimate the worth of your contents. These figures further highlight what can be at stake for many who have no contents insurance. With a wide variety of policies available, including no-frills policies tailored to people on limited budgets, insuring your possessions can mean that if the worst happens you are not left counting the cost for years to come.
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Source: ABI (Association of British Insurers)