Sainsbury's: Cold snap caused millions of pounds worth of damage
10 February 2010
Damage caused, in large part by the severe weather condition faced by the UK over the past few months, has resulted in more than £35 million pounds worth of insurance claims, it has been suggested.
New figures published by Sainsbury's Home Insurance have revealed that almost 16,000 claims have been made, which can be linked to water damage caused by the weather.
Ben Tyte, Sainsbury's Home Insurance manager, said: "There have certainly been more home insurance claims linked to water damage in recent weeks than we'd expect to see when the weather is milder.
"We experienced a similar surge during last year's cold snap, but this year it has been much more prolonged and intense."
The costs of repairs, especially in households where insurance claims are not met, could lead to a number of people looking to realise the potential of some of the value of their homes.
Schemes such as equity release can allow homeowners to access some of the cash which may be tied up in their property assets.