Wednesday, June 10, 2009
Category:
Secured Loans
According to a new survey conducted by AA Insurance, 46.2 percent of respondents are opting for meals in as opposed to dining out in a bid to make savings.
Takeaways and home-cooked meals are on the menu, along with ready meals from supermarkets.
However, the research also showed that such penny-wise activities could actually be costing Brits up to £1.5 billion annually. This comes as a result of household accidents, which cost an average sum of £100 per year. At 51.8 percent, the most common accident would appear to involve china and glass breakages. Second to this came food stains at 43 percent, followed by red wine spills at 33.6 percent. Cooking accidents, such as small fires, were recorded at 25 percent.
With the recession continuing to bite, AA Insurance predicts that people will turn to in-house entertainment more and more. In fact, 88 percent of those surveyed claimed to have less disposable income, which has prompted a more careful approach to spending. Meals out were described as being the first sacrifice for this group.
As people spend extra time at home, the possibility of household mishaps becomes greater. Many accidents do not warrant insurance claims, however they are causing large outlays for the 37.7 percent who try to fix the problem and the 19.6 percent who have to purchase replacement goods.
Simon Douglas, Director of AA Insurance, commented: "This survey clearly shows that Brits are becoming more cautious about spending money. Only 5 percent of those surveyed found their home disaster justified an insurance claim for accidental damage and many would have been unable to claim anyway, as less than half of home contents policyholders have an Accidental Damage extension to their contents policy. I'm also concerned that an estimated third of homes have no contents cover at all and some families are considering letting their insurance cover lapse to save money - but that could cost them dear in the long term.
"As the amount of entertaining being done in the home is clearly increasing, now is a good time to check that you have an accidental damage extension on your home policy as the number of insurable mishaps is clearly increasing."
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Homeowners that may have had one too many accidents at home, and are therefore keen to re-decorate, may wish to consider taking out a
home improvement loan to fund the desired work. In addition to re-decorating, a home improvement loan could facilitate a vast array of projects such as increasing the size of a property by means of an extension or conservatory. The use of a home improvement loan for the former can be particularly useful for expanding families whose finances can not stretch to a new, larger home.
