An estimated 7.2 million policyholders could be at risk of invalidating their home insurance due to putting off maintenance work around their property, a new study has calculated. Around two-fifths (43%) of Brits have delayed some form of maintenance because of the cost of living crisis, according to the research, which can lead to policies being invalidated.
Insurance providers expect properties to be kept in a good state of repair, meaning policyholders might not be covered if they fail to keep on top of maintenance work. As a result, struggling Brits are put in a difficult position, with many needing to delay certain repairs because of rising living costs. But, this could cause bigger issues if the property’s condition deteriorates and the insurer won’t pay out. The numbers come from Go.Compare home insurance, which asked residents how rising costs have affected their ability to look after their property. It combined the results with FCA data, revealing that millions of insurance policyholders have struggled to keep up with the costs of maintaining their homes due to the cost of living crisis - something that could void their cover.
Many residents admitted that they aren’t even aware of this insurance risk. Two-fifths (41%) said they didn’t realise that putting off maintenance work can void home insurance, equal to approximately 6.8 million policyholders.[1][3] Based on the number who admit to delaying home maintenance, an estimated 2.9 million policyholders could be at risk of voiding their cover due to this issue without realising it.
Younger Brits have lower awareness of this insurance stipulation, according to the comparison site. Less than half (46%) of under-35s knew this could void a policy, compared to over two-thirds (69%) of those over 54.[2] Women are also slightly less likely to know about the rule, with 55% stating they were aware, compared to 63% of men.
Nathan Blackler, home insurance expert at Go.Compare, said: “Rising living costs are clearly forcing many households to delay maintenance work in and around their property. Paying for the essentials will always come first but putting off repairs, especially serious ones, can have a significant impact on your safety over the long term. Plus, home insurance usually requires you to keep the property in good condition, so your insurer likely wouldn’t accept your claim if things started to deteriorate and you were found to be at fault. Insurance prices have actually dropped recently, too, so comparing now could help you find a cheaper policy. This could give you one less cost to worry about and free up some cash to make those repairs.
“It’s worth exploring the different ways you can make repairs when times are tight. Some jobs will need to be done professionally, so don’t attempt any repairs yourself unless you’re confident it’s safe and legal to do so. Consider contacting Citizens Advice or your local authority if you need help, as they could advise on how you can get support through the provision of things like loans, grants or materials.”
|
