Tescocompare Warns Of Domestic Disasters Kids Can Cause

With many schools across the country breaking up for the holidays this weekend, parents may find that if their children have a smashing time this summer their finances could be put under pressure.

Such is the claim of Tescocompare which asserted that as young people are set to spend more time at home over the next six weeks, the level of damage they cause to possessions and property could also be set to increase. In the Mr Bump study released by the price comparison site it was revealed that British children and teenagers cause more than one million domestic accidents every year.

In the firm’s research it was revealed that young children - those who are yet to reach their teenage years - cause 229 million pounds in damage each year. Such kids were reported to be responsible for 42 per cent of all household accidents. Meanwhile, teenagers were indicated as being responsible for just over a fifth (21 per cent) of accidents in the home. Although this is a much lower proportion than younger children, teens still cause annual damage to the tune of 68 million pounds.

However, despite the significant sums in breakages which young people cause every year, the firm pointed out that many parents fail to take out home insurance.

In not having an adequate home insurance policy those parents who suffer a domestic disaster may find they have to shell out money from their own pockets in order to replace broken items and repair damage to their homes. This might have an impact on their ability to manage other demands on their finances in areas such as credit cards, loans, utility bills and mortgage repayments.

Commenting on the research, Paul Baxter of Tescocompare, said: “As the saying goes accidents do happen - and this research suggests many of us suffer financial loses on an annual basis. What is worrying is that over four in ten (41 per cent) of us don’t cover ourselves for accidents in the home - leaving us at risk of being seriously out of pocket.”

It was also reported that it is not just parents’ own homes which will be damaged by their children. According to Tescocompare, some 250,000 accidents were caused by young people while visiting other properties, causing a total of 68 million pounds in damage over the course of last year.

Pointing out that having children home for the summer holiday results in an increased likelihood for accidents, Mr Baxter added: “If you aren’t covered for accidental damage to your possessions it isn’t too late to add this cover to your policy.”

However, children are not alone when it comes to causing domestic damage, as a third of accidents which take place in households with younger children are the fault of mums and dads.

Those looking for an effective way to finance making amends for a domestic disaster - whether it is a broken window or a spoiled carpet - might wish to consider getting a homeowner loan. Doing so may mean borrowers are able to meet the cost of repairs quickly, while the financial assistance that a loan also brings could help consumers to purchase comprehensive home insurance. Moreover, such a home loan can assist those looking to make improvements to their property, after a recent study by Alliance & Leicester showed 38 per cent of Britons have renovated their house with the specific intention of increasing its value.

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