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GeneralThe 4 Most Common Reasons for Home Insurance Claims

The 4 Most Common Reasons for Home Insurance Claims

Concerned about the cost of home insurance? Although home insurance premiums actually declined slightly over the last year, the cost of insuring your home and its contents has been rising steadily over the course of the last decade.

One reason for this is an increase in residential property values, particularly in the UK. In the decade since the 2008 financial crisis, the cost of homes and apartments has risen steadily, affecting the cost of insurance for homeowners.

If you’re concerned about the cost of insurance, one option is to reduce your risk of having to make a claim. Below, we’ve listed the four most common reasons for home insurance claims, with detailed information on what you can do to protect yourself against each one.

Fire

Fire is one of the most common causes for home insurance claims, with an average claim value of $43,983 (£34,310). Home fires can break out for a variety of reasons, from electrical issues to careless of use of cooking equipment and fireplaces.

To reduce your home’s fire risk, make sure that your home uses modern, safe electrical wiring in all rooms and walls. It’s worth calling an electrician to check over your home at least once every year to make sure there’s no risk of an electrical fire breaking out.

It’s also important to be careful with sources of fire, such as fireplaces and stoves. Make sure your home’s chimney is clear and regularly swept, that your stove and oven around near to any flammable materials and that your home has modern, working smoke detectors.

Theft

Burglaries might not damage your home as much as a fire, but they can also result in significant losses of personal property.

In 2012, burglaries and personal theft claims amounted to a worrying £415 million, with thieves snatching up everything from jewellery to smartphones, consumer electronics and other items that can be resold on the black market.

By far the most effective way to reduce your risk of being targeted by burglars is to improve your home’s security system. From physical barriers such as strong doors and gates to cameras and alarms, a combination of items can help to protect your house or apartment from thieves.

Water

Water is a serious threat to your home, even if you live in an area that isn’t prone to flooding or heavy rains.

Every year, broken pipes and leaking taps cause millions of pounds in damage to homes and apartments, ranging from damaged building materials to electrical issues that require difficult, costly repairs.

There are several ways to reduce your risk of experiencing water damage at home. The first is to check for leaks in your gutters, downspouts and other roofing materials, as well as in drains and tiles. The second is to investigate leaky pipes as soon as you notice them to limit damage.

Wind

Although heavy winds aren’t as much of a risk in the UK as they are in the United States, they’re still a leading cause of home insurance claims around the world.

Heavy winds from hurricanes, typhoons and other storms cause hundreds of billions of pounds in damage every year. Most of the time, these costs are covered under home emergency cover, making it important to make sure you’re insured if you live in a wind-prone area.

Beyond purchasing insurance, the most effective ways to protect your home from wind damage are to invest in storm shutters and impact-resistant glass, repair gaps in any window frames that could let in wind, and check your roof for any damaged areas that could be affected by wind.

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