Home insurance is a crucial safeguard for all homeowners. It’s a safety net protecting you and your home from unforeseen events that could financially cripple you without adequate coverage. When you’re shopping around for home insurance quotes, however, you must consider the most common kind of claims being made in your area.
This article explores the most prevalent types of claims filed under home insurance policies, from flood-related damages to theft. Hopefully, this will help homeowners understand where they might need extra protection.
Flood-Related Claims
In recent years, the UK has experienced a noticeable increase in flood-related insurance claims. Extreme weather events that used to be seen as freak occurrences are now depressingly common thanks in no small part to climate change. Flood claims generally cover damage caused by rivers overflowing during storms and the impact can be substantial.
If you own a home on or near a body of water, chances are you already have extensive flooding insurance. However, with things getting more extreme by the year, even those living close to a body of water might want to think about adding extra coverage to their policies.
Accidental Damage
Accidental damage claims are among the top three most common home insurance claims in the UK, and this can quite literally happen anywhere, whether you’re accident-prone or not. This type of insurance covers unexpected one-off incidents. Think of a football breaking a window, a red wine spillage on a new carpet or a friend’s dog tearing your sofa to smithereens.
These incidents, while typically minor, can add up to significant repair costs. Understanding what your home insurance policy covers in terms of accidental damage is essential for ensuring that you are not left out of pocket when these unfortunate situations inevitably come to pass.
Escape of Water
Escape of water claims describe incidents where water damage is caused internally, such as through leaking pipes or a boiler breakdown. During the winter months when pipes can burst due to freezing and expanding, this is generally quite common, particularly in older buildings.
The cost associated with escape of water can be high, often requiring extensive repairs to fix damaged plumbing and restore affected areas of the home. It’s crucial for homeowners to check that their policies cover such risks, as the frequency of these claims is high, and the damage can be extensive.
Theft: Securing Your Home Against Intruders
While theft is certainly more common in some areas than others, it’s still something that could happen anywhere. It’s also something you might want to consider if you keep a lot of expensive valuables in your home – anything from media equipment to jewellery.
Remember, this also includes theft from outbuildings and garages as well as the main home. Preventative measures like installing CCTV systems, burglar alarms, and ensuring doors and windows are securely locked can help but they are certainly not ironclad. Having robust home insurance with enough contents insurance to cover all of your possessions is always recommended, regardless of where you live.