Accidental Damage Cover should be part of every DIY Toolbox
April 2010
Bank Holiday weekends may provide the perfect opportunity to kick off DIY projects around the house but with accidental damage being the most common reason people claim on their Paymentshield home insurance and the average claim being more than £500, Accidental Damage cover can be a very cost effective addition to your clients' DIY toolbox.
The downturn in the housing market means that many people are looking to make improvements to their existing homes rather than attempting to sell and move on. However, without Accidental Damage cover DIY projects can sometimes turn out more expensive than originally planned.
The long Easter weekend traditionally marks the beginning of the DIY season with research indicating that seven out of 10 of us believe the bank holiday weekend is the best time to do work on our homes or garden1. Yet simple DIY tasks can result in costly accidents such as flooding the home after drilling through a hidden water pipe, paint or plaster dropped on carpets, smashed glass or new shelves falling off the wall.
In fact, accidental damage is the most common reason Paymentshield policyholders claim on their home insurance yet around 40% of Paymentshield Home Insurance policyholders choose not to add accidental damage cover to their policy. For these customers looking to save a few pounds on their home insurance, Accidental Damage cover could actually prove to be a very cost effective addition since the average accidental damage claim is more than £5002
Paymentshield's Accidental Damage cover can be added to Buildings and/or Contents policies covering policyholders for damage that hasn't been caused on purpose or inevitably. Where selected Paymentshield will cover accidental damage to buildings including accidental breakage to underground drains, pipes and cables providing services to or from your home and for which you are legally responsible and Contents in and within the grounds of their home. The minimum excess for Accidental Damage claims is £200 or the amount shown on the client's certificate, whichever is greater.
For more information on selling Paymentshield's MortgageProtector and MortgageProtectorSolo products, please contact our Intermediary Sales Team on 08450 615 700.
1 Source: www.telegraph.co.uk/, "Britain's garden centres have their fingers crossed as cold snap dampens spirits" 2nd April 2010.
2 The average claim for accidental damage In Jan 2010 was £523.
If you would like to talk more information, please call our Broker Support Team on:
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