Home insurance cost of fires revealed

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Home insurance cost of fires revealed

Home insurance claims for fire damage are increasing, according to a report that shows the growing financial cost of such incidents.

The Association of British Insurers (ABI) revealed that damage to homes caused by fire cost a collective £408 million in 2008. This represented an increase of 17 per cent on the previous year.

Including commercial and non-residential buildings, the total cost of fire damage in the UK reached a record £1.3 billion last year - up by 16 per cent on 2007.

The ABI's director of general insurance and health Nick Starling said the figures are "alarming" and highlight the importance of fire insurance and managing risk.

"Insurers are reporting a rise in large-scale fires that are increasingly putting lives at risk. We believe that arson and fraud are contributing factors," he added.

Last month, the ABI told home insurance customers to check that they have a 'storm provision' in their policies, in order to cover them against snow damage.

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