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Home Insurance News
Halifax Home Insurance: Brits going over budget - 15/01/2008
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The costs of home repair projects run over-budget for one in four Brits, new research from Halifax Home Insurance has suggested.
It is estimated that together, under-budgeting costs home improvers a combined £4.7 billion each year, with around one million people spending an additional £4,690 on repair projects.
Many of these added costs come from making upgrades to fixtures and fittings with higher specifications, Halifax claimed.
However, the group has warned that costs could be even higher for those people attempting projects such as home extensions on their own, as this may invalidate their home insurance cover.
"Before embarking on any home improvement project, homeowners should always check tradesmen have the appropriate accreditations and references for their work," said Martyn Foulds, senior claims manager at Halifax Home Insurance.
"It is also critical that homeowners check that all tradesmen they employ have adequate insurance to cover for any damage caused to their belongings," he added.
Last year, Sainsbury's Bank named home renovations and repairs as one of the top three reasons people in the UK take out a personal loan.
© Adfero
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