How much did the big insurers pay out in claims last year?

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How much did the big insurers pay out in claims last yearWinter-proofing your home is essential to avoid expensive repairs, stressful disruptions and unfortunate stations.

The last thing you want to see when you get home from work at night is that a tree has fallen into your house or a pipe has burst.

Frozen pipes were found to be one of the most common reasons for claims on home insurance during the winter months. However, you never know what unfortunate event is going to happen. From burglaries during the night to leaking roofs, home insurance is there to help! Research from Churchill found that the average amount stolen from a home is £3,288, a figure that you would not want to pay for yourself in the run up to Christmas!

You would be surprised how much insurers regularly fork out for broken pipes, weather damage and numerous other issues to keep homes happy over the winter months. We take a look at the big insurers and what they had to pay out last year…

Churchill

Churchill is one of the UK’s leading general insurance providers and they revealed that 68% of homeowners, whose home is damp, do not dry out or de-humidify the damp areas. Churchill policies vary significantly and they do not cover floors that have not been damaged, aside from some very specific cases. Churchill policies cover up to £500,000 for building and £50,000 for contents.

Direct Line

Sister company, Direct Line recently highlighted the subsidence hotspots in the country. London and the South East suffer more from subsidence than the rest of the country because of the soil in these areas.

Further research found that Brits own an average of £4,000 worth of furniture, £1,800 in jewellery, £1,700 in carpets and rugs, £3,000 in electrical goods, £2000 in white goods and £1200 in garden and garage items.

They even recently provided a customer with cover for a £300,000 personal wine collection. With this in mind, the payout for these items would be significant.

AXA

Another leading UK insurer is AXA. They claim that the average claim for a burst pipe is £25,000. The number of ‘escape water claims’ has increased by 50% in the last two years, leaving thousands of homes damaged. They said that the average claim was £6,100 for contents and a staggering £19,200 for building damage. Despite this, many Brits completely underestimate the cost of a claim. AXA pointed out that 83% of people think that the estimated claim for a burst pipe would be less than £5k.

Whichever insurance provider you choose to buy from, check out what level of cover you have on your policy so you don’t get caught out in the cold if things go wrong.

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The views expressed here are solely those of the author and do not necessarily reflect the views of Policy Expert.