New research outlines importance of insurance

The importance of having a comprehensive and inclusive package of insurance cover has been highlighted by a new study from Churchill Insurance, which has shown that every household suffers an average of six home disasters or accidents in a lifetime.

Furthermore, the research shows that 3.2 million homes in the UK suffer an accident of some kind every year.

By Churchill’s estimation, this means that every minute of the day, there is a possibility that six homes could suffer an incidence of burglary, fire, flood or accidental damage.

According to the insurer, half of all the homes in the UK will be broken into at some point over the average individual’s lifetime, incurring a cost that could run into tens of thousands of pounds.

Churchill used its research to emphasise the importance that insurance could have for many people, saying that the average customer would need to contact their cover provider for help every seven years and nine months.

Martin Scott, head of home insurance at Churchill, said: “Whilst the smaller household accidents are inconveniences which affect us all, a number of householders will suffer a major disaster and the effects could be devastating.

“Householders without the reassurance of home insurance can spend years rebuilding their lives should such disasters occur.”