Thursday, June 14, 2007
Category:
Home Improvements
Abbey Home Insurance has recently found through its research that over half a million homeowners suffer damage caused by their neighbours every year.
Collectively the amount in damage caused each year is more than £93.4 million, which calculates on average to £172 per household. The cost for one in twenty of these people is much higher with damage in excess of £1,000.
Those homeowners who live in London were the most likely to encounter damage caused by their neighbours according to the research with one in ten households suffering.
Those least likely to be affected according to the research were those in Wales. Prasad Shastri, Head of Insurance Marketing at Abbey, said: "Not all damage caused to people’s homes by their neighbours is malicious, in many cases this type of damage is accidental. However there are often misconceptions about whose insurance is to be used to claim for it.
“It is always the policy holder of the damaged home that will need to submit a claim. For example, if your neighbour was to cut down a tree that accidentally breaks a window, it is only you that can claim for damage to your property, not your neighbour, highlighting how important it is for you to make sure your insurance covers you against accidental damage caused to your property by other people”.
When looking for good home insurance, Abbey says that if purchasing your home insurance based on the price alone it may leave you underinsured. Also, make sure you check that as well as a competitive price, you are receiving the appropriate amount of cover for your home and its contents.
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Homeowners who might not have suffered damage to their homes but would like to make some general improvements, could consider funding these with a secured loan. One of many options available to finance home improvements, a home improvement loan could allow homeowners to carry out basic repairs to their homes and gardens, for example a new fence or redecorating. Homeowners might even wish to consider adding a conservatory where they can relax during the warm summer evenings. Whether it’s a room extension for a growing family or a new modern kitchen to entertain guests, a secured loan could allow homeowners to carry out the home improvements they have been dreaming of. Made payable over a term to suit the borrower from 5 to 25 years and any amount from £10,000 to £100,000, a home improvement loan could allow for professional decorators and contractors to come in to carry out the job properly.
