Direct Line has warned that not enough homeowners are saving or getting insurance in order to cover themselves in the event of a household emergency.
Household emergencies on average cost UK homeowners in excess of £17,000 in their lifetime, but according to new research from the insurer, most people only put aside £2,700 to deal with the problem.
Alarmingly it found that nearly 76 per cent of homeowners have no reserve funds to pay for emergency repairs, while 66 per cent who are hit with unexpected costs ignore other bills in favour of covering the excess cost.
Meanwhile, 14 per cent have considered re-mortgaging their property to release the funds needed.
Kate Syred from Direct Line commented: "When the inevitable happens, many homeowners are unprepared financially to deal with a home emergency and so have to make large sacrifices to meet repair bills."
"For extra peace of mind homeowners should consider taking out insurance to cover themselves if the worst happens," she concluded.To read more about home insurance, click here.
© Adfero Ltd