Domestic Disasters Kids Can Cause Revealed
Although they may be small in size, parents should be aware that their children can cause a big dent in their finances, a new report has shown.
In research carried out by Abbey Insurance – part of the Santander group – it was revealed that over 2.5 million British properties have been damaged by young boys and girls over the past 12 months. The financial services firm also indicated that such disasters have cost over 552 million pounds to rectify. Meanwhile, those between the ages of one and five are most likely to harm a home, with 23 per cent of children in this demographic accounting for all domestic damage.
Overall, wallpaper and paintwork was revealed to be the most common target of damage for children over the last year, with about four in ten of all people (38 per cent) who have seen their home harmed stating that such a part of their property needs repairing. Meanwhile, 30 per cent were reported to have been a victim of broken ornaments and other household items, while 31 per cent indicated that their furniture has been damaged.
And following on from having a domestic disaster, those consumers who find that they do not have a sufficient enough home insurance policy could be forced to shell money out of their own pockets in order to meet the cost of repairing their home and replacing items. This could have an impact upon their capacity to manage other areas of financial demand which may include personal loans, credit and store cards, mortgage repayments and utility bills.
Such financial difficulties could be felt most keenly by those in Scotland as the typical child in this part of Britain causes damage which it costs an average of 625 pounds to make amends for. Research from Abbey also showed that boys are more than twice as likely as girls to wreck a home.
Commenting on the figures, Tony Beckwith, head of Santander Insurance UK, said: “Dealing with the damage caused by children can be inconvenient, costly and cause unwanted tension if people do not have the appropriate level of insurance cover. With more than a third of all adults (39 per cent) paying for the breakages caused around the home by their children and school holidays now upon us, we would urge anyone looking after children this summer to try and avoid this by ensuring they have the proper cover on their home insurance, including any additional full accidental damage options required on their policies.”
Whether replacing a broken window or repairing structural damage, those who have been victim to a domestic disaster might wish to consider taking out a homeowner loan. By obtaining a home loan borrowers may be able to repair their property quickly, leaving them with an affordable rate of repayment to make. The monetary assistance which comes with a home loan could also help consumers to take out comprehensive home contents and buildings insurance. A loan can also help to finance the cost of home improvement after Neil Marshall, chief executive of the National Insulation Association, reported that fitting insulation is the most effective way in which homeowners can reduce their annual heating bills.
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