Lloyds home insurance: When good neighbours become good friends Go compare with our comparison table

Lloyds home insurance: When good neighbours become good friends

03 May 2010 / by Rachael Stiles

Lloyds TSB home insurance has found that the monetary value of a good neighbour is the princely sum of £3,100.

To measure the value of Britain's neighbourliness, Lloyds home insurance used consideration, tolerance, friendliness, tidiness and vigilance, which, according to the study, are the primary factors which people use to form opinions of those living on the other side of the fence.

Not only does this effect their opinion of their neighbours, but it can also impact more tangible things, the survey revealed, such as how much people are prepared to pay for a house in a certain area, with potential buyers willing to spend more with the guarantee of good neighbours.

Brits will spend an average £3,100 for a property in an area that has good neighbours.

Not only can neighbourly relations can have a significant affect on property value, but it can also make a difference in real terms, with a national loss of £2.5billion in repairs for damage caused by unruly neighbours.

Lloyds home insurance has carried out the survey to mark the launch of its 'victims of crime excess waiver', which means that customers making a claim for criminal damage will not have to pay an excess.

Commenting on the research, Paula Llewellyn, spokesperson for Lloyds TSB Insurance, said: "Good neighbours can have an invaluable impact on our wellbeing and can help keep our property safe while away from home.

"As we understand that we can't all have the perfect neighbours to keep an eye on our property, Lloyds TSB Home Solutions now waives the excess for victims of crime, so homeowners can rest assured that if the worst happens they won't be out of pocket."

Lloyds home insurance also urges homeowners to set up a Neighbourhood Watch scheme, if they do not already have one, because figures show that nearly 42 per cent of members living in a Neighbourhood Watch area enjoy good community relations, compared to 28 per cent of those who do not live in one.

Commenting on the findings, Neighbourhood Watch spokesperson Roy Rudham added: "A Neighbourhood Watch scheme not only helps prevent crime but can also bring a community together and can provide peace of mind to everyone - young and old. If you don't have a scheme in your area, why not take the initiative and set something up?  Neighbourhood Watch will give you all the help and advice you need."

© Fair Investment Company Ltd

Apply online for Lloyds TSB home insurance here and save 15%