LV= Identifies Latest Home Insurance Claims Trends

A typical Londoner neighbourhood with 2 storey houses.

With the country going back into lockdown, LV= General Insurance, the UK’s third largest insurance provider, reveals some of the home insurance trends that have emerged as a result of more time being spent at home and in the garden over the last nine months.

Since the lockdown began in March 2020, the LV= General Insurance Claims team has been dealing with a range of increased insurance claims relating to the home and garden including:

225% increase in fire claims specifically relating to bonfires;
56% increase in fire claims caused by cigarettes, matches, and lighters;
40% increase in the proportion of blockages;
21% increase in the proportion of bicycle thefts from gardens; and
14% increase in claims for breakage/dropped/knocked/fall of items such as computer/ office equipment and damage to glasses.

IE Note; Interesting to see a 21% rise in bicycle thefts from the home, despite people working from home and spending more time there. The vulnerability of sheds and garages to forced entry is perhaps something that’s overlooked on home insurance quotes. The other factor here is the lack of opportunity now for bike thieves at train stations and town centre bike racks, so the thieves are going where those expensive bikes are being parked; at home.

On the flipside, there has been a decrease in some claims, including:
34% decrease in the proportion of house burglaries;
26% decrease in the proportion of accidental loss claims away from the home; and
13% decrease in the proportion of claims for damage caused by an animal.

Commenting on the data, Martin Milliner, Claims Director at LV= GI said: “Since the first lockdown in March last year, many of us have been spending more time at home, and our home insurance trend data certainly reflects that. Being at home more often means we’re more likely to drop things and have accidents inside, whereas we’ve seen a decrease in claims from outside the home such as accidental loss. It’s also encouraging to see a decrease in burglary claims.

“With the country now back in lockdown, we expect we’ll see these trends pick up again and we’d encourage homeowners to think about some of the steps they can take to look after their home, gardens and contents. We all know how to avoid accidents, but it’s easy to forget, and we hope our tips are a helpful reminder. Activities such as a bonfire can be a serious risk if it gets out of control, so please do take care and never leave one unattended.”

About alastair walker 5097 Articles
20 years experience as a journalist and magazine editor. I'm your contact for press releases, events, news and commercial opportunities at Insurance-Edge.Net

Be the first to comment

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.