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A new study calculated an estimated 7.2 million policyholder due to the kidnapping work of the maintenance work. Around two fifths (43%) of the British have eventually delayed maintenance due to the cost of living after research, which can cause guidelines to become invalid.
Insurers expect real estate to be kept in a good repair state, which means that the policyholder may not be covered if they do not stay up to date. As a result, fighting British are brought into a difficult position, whereby many certain repairs have to delay due to increasing living costs. However, this could cause major problems if the condition of the property deteriorates and the insurer does not pay.
The figures come from the Go.care house insurance, in which the residents were asked how rising costs have affected their ability to take care of their property. It combined the results with FCA data and showed that millions of insurance policies kept pace due to the cost of living with the costs of maintaining their houses – something that could relax their cover.
Many residents admitted that they are not even aware of this insurance risk. Two fifths (41%) stated that they did not notice that the administration of maintenance work can invalidate house insurance for around 6.8 million policyholders. Based on the number that admitted that they have delayed the maintenance of homes, estimated 2.9 million policyholders could be exposed to the risk of rewarding their cover due to this problem without realizing this.
According to the comparison location, younger British are less awareness of this insurance determination. Less than half (46%) of U-35 knew that this could relax a guideline for the guideline, compared to over two thirds (69%) of these over 54.
Nathan Blackler, expert for house insurance at Go.compare, said: “Increasing living costs clearly force a lot of households to delay maintenance work in and in order to delay their property. Payment of the essential will always come first, but repairs, especially serious, can have a significant impact on your safety.
“In addition, in -house insurance usually requires that you keep the property in good condition, so that your insurer probably does not accept your claim if things deteriorated and it has been detected. Insurance prices have actually been decreased lately. Therefore, it can help you find a cheaper guideline.
“It is worth investigating the various options for being repaired when the times are scarce. Some jobs have to be done professionally. So do not try to repair yourself, unless you are confident that it is safe and legal to do so. Think about how you advise citizens or need your local authority if you need help because you receive support from the support of things, such as loans, viewers or materials can.”
Further information on the effects of living costs on maintenance at home can be found on the Go.compare website.