Emergency damage costs households £3.7bn new report shows

27 Dec 18

Households across the country are spending a £527.30 per household emergency, a total of £3.7bn across the UK, according to research from NFU Mutual.

74% are concerned about home emergencies, particularly as over half (52%) have experienced one in the last two years. Top concerns include heating breaking down (32%); failure of electricity or gas supply (27%) and blocked or broken plumbing systems (26%).

The research highlighted that to avoid costs some people would rather simply not fix the problem (16%) or ‘fix it themselves’, with people in Northern Ireland being the most likely to just leave the damage (25%), followed by those in the South East (23%) and then people across Scotland (22%).

When it comes to paying out for the damage caused by home emergencies, 45-54 year olds are most likely to pay to fix the damage from their own pockets (44%) whereas 16-24 year olds are most likely to get a credit card or loan (17%).

Ross Garner, home insurance specialist at NFU Mutual, said: “Whilst home insurance protects against disasters such as fire, flood and storm damage, the costs of everyday domestic breakdowns, such as broken boilers, can be expensive to fix. For this reason we have introduced our home emergency cover to help customers resolve common domestic faults quickly and avoid hefty repair bills.

“Although some people put money aside to cover unexpected costs, repairs can often cost more than anticipated and home emergencies can happen in quick succession. This leads to more than one in five people taking out cover following a bad experience.”

 

Original Source: https://www.propertyreporter.co.uk/household/emergency-damage-costs-households-37bn.html

Emergency damage costs households £3.7bn new report shows
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