Household emergencies cost Brits an average of £500
Households across the country are spending a massive £527.30 per household emergency, a total of £3.7bn across the UK, according to NFU Mutual.
The home insurer said that 74% of us are concerned about home emergencies, particularly as over half of us (52%) have experienced one in the last two years.
Top concerns include the heating breaking down (32%); failure of electricity or gas supply (27%) and blocked or broken plumbing systems (26%).
Can you fix it?
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 from their own pockets (44%) whereas 16 – 24 year olds are most likely to get a credit card or loan (17%). This, coupled with the fact that two thirds (63%) of 16 – 24 have experienced a home emergency in the last two years, could suggest some costly outgoings and repayments for the youngest age group.
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.”