The Southport-based insurance provider has advised brokers to educate their customers on the cover they require, particularly when looking at home improvement. With accidents costing the British public £1.5bn every year (an average of £280 per person), DIY is a hobby that costs considerably if not sufficiently protected.
Despite this risk of huge bills for repair or replacement, a surprising number of homeowners neglect home insurance. A recent YouGov poll, commissioned by Paymentshield, showed that over a quarter of those questioned do not have basic cover. Even more alarmingly, almost half of those with home insurance said that they failed to check that their existing home insurance policy provides the necessary level of cover to fulfill their needs.
With this in mind, brokers have an opportunity to provide much-needed advice to homeowners before they begin work, offering them protection from enormous bills they may otherwise have been left with.
Tim Johnson, CEO of Paymentshield, said: “Statistics have shown that as the winter weather blows away, homeowners increasingly look to undertake DIY tasks. With a quarter of homeowners without insurance, and a third not expecting accidental damage to be covered by a standard policy, brokers have a unique opportunity to educate consumers on the benefits and details of their policies. With large bills potentially looming, it is critical to ensure that homeowners, particularly those looking at home improvement, have the appropriate insurance to cover them for any eventuality.”
