Danger of home repair costs

4th August, 2005

The average household is facing a deficit in the amount they save to repair their homes and the amount it will actually cost.

A normal UK household will put away £2,700 to meet the costs of repairing their home, yet the average costs per house amount to £17,000, which emphasises the need for home insurance to help cover the gap in savings.

Good buildings and contents cover will give policy holders peace of mind that the costs of fixing a home after damage will be met by the insurance company.

'To cushion the financial blow, homeowners should set aside a small amount each month to meet the cost of emergency repairs said Direct Line's Ms Syred.

'For extra peace of mind homeowners should consider taking out insurance to cover themselves if the worst happens,' he concluded.

With two thirds of homeowners set to have to pay out for what they cannot afford, they might wish to consider taking a look at home insurance policies, instead of being left to borrow from friends or relatives or economise.

 

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