Busting the myths -most commonly misunderstood areas

Busting the myths -most commonly misunderstood areas

Our research reveals2 that some homeowners often aren’t aware of everything their home insurance does – and doesn’t – cover.

Interestingly, 30% of homeowners thought their policy covers ‘anything that happens to their home’, and many thought some commonly-excluded accidents were covered as standard. For example, many respondents assumed that their standard insurance cover would pay out for a boiler breakdown (16%) and home maintenance or wear and tear (12%).

When asked what their home insurance policy covered, most homeowners immediately thought of damage caused by a fire (76%). However, the most common claim made on a standard Aviva home insurance policy is actually for water leaks (23%).5

Insurance will typically protect against damage caused by unexpected water leaks, but won’t usually cover the cost of repairing things like a leaking shower seal or dripping tap – although it’s always best to check individual policies.

 

Reasons for most commonly rejected claims6

Mechanical breakdown

15%

Gradual damage

11%

Wear and tear

11%

Fences

10%

No damage to buildings

9%

Pet damage

5%

Electrical and breakdown

4%

Vermin

4%

Damp

4%

Faulty workmanship

3%

 

2 Research conducted by ICM with 2,000 consumers; 1,000 with home insurance and 1,000 motor insurance consumers.  May 2016.

 5Breakdown of Aviva home insurance claims by % of all claims 2016

 6 Analysis of Aviva home insurance claims 2016 which are rejected due to policy exclusion


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