Home Insurance Claims Volume and Value sees a Dramatic Drop
Only 373,000 home insurance claims were made during the first half of the year 2009, in comparison with the 527,000 received for the same period in 2008, according to the latest report published by the Sainsbury's Home Insurance Claims Index.
The analysis carried by the firm, which tracks the volume and value of claims on a six months basis, suggests that the dramatic drop has been mainly due to 2008 bad weather conditions.
Unsurprisingly, the high levels for storm damage in the spring of 2008 was the main reason why the average claim was around £460, while in the same period fell to £93 this year.
Lucy Hunter, Sainsbury's Home Insurance manager said: "Our index shows the huge impact adverse weather conditions can have on the number and value of home insurance claims made. The first quarter of 2008 brought particularly severe conditions, and storm damage in that quarter accounted for 21.8% of all claims made. For the six months overall, storm damage was still the second most prevalent claim in 2008, accounting for 15.9% of claims made. In the first half of 2009 it only accounted for 8.5% of claims."
The figures also reveal that for the first half of 2008, the five most common reasons for making a home insurance claim were water escaping, accidental damage to TVs, video, audio equipment and computers while in 2009 the main reasons were accidental damage, water escape and theft.
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