| 9.8°C Dublin

Only one in seven insurance claims relates to thefts

Close

Burglaries. Picture posed

Burglaries. Picture posed

Burglaries. Picture posed

THEFTS account for just 14pc of the claims made by homeowners on their insurance cover, according to new research.

While many people fear being the victim of a break-in, it only accounted for around one-in- seven of the claims on home insurance last year.

Water damage was found to be the number one cause of loss in homes, accounting for over 30pc of claims.

DAMAGE

This damage could be incurred by water leaking from burst or damaged pipes or domestic installations and the average cost was put at €2,575.

However, although the instances of water damage are greater, it's the lasting damage that a fire causes that incurs the most financial strain, with an average cost at just under €15,000, which is six times more expensive than the average water damage claim.

Flooding caused by water coming into a house, which is usually a result of heavy rainfall, saw homeowners incurring an average cost of €5,250.

Meanwhile, homeowners put the average theft cost at €1,703 last year, according to the figures from website GetCover.ie.

Storms were behind 15pc of claims submitted, attracting an average cost of €2,997.

David Hughes of GetCover.ie said: "Recent weather conditions have brought the issue of home insurance and claims to the forefront of the minds of the Irish public."

A review of its claims statistics in the last 12 months revealed that claims can be as little as €100, with the highest being in excess of €140,000.

Mr Hughes said: "The flooding and storms of recent weeks are likely to change the landscape of home insurance claims for 2014. It is difficult to know what will happen with premiums this year.

"The weather has definitely led to an increase in claims recently, but insurance pricing is cyclical and insurers experience cycles of low-to-high claims volumes.

LIABILITY

"When claims volumes are low, insurers will tend to reduce their rates to remain competitive and this is the market we are currently operating in."

The figures showed that liability claims, where someone has an accident on a homeowner's property, also produce high average claims amounts, although these events are rare.

Around 48pc of people opt for accidental damage cover, which can occur while people are away or at home.

FDILLON@HERALD.IE


Privacy