94% of home insurance policy owners received most or all of their home insurance claims from their insurer, research from Compare the Market has revealed.
The research found that more than one in four homeowners have claimed on their insurance policy, typically receiving an average payout of £5,640.
Only 14% of homeowners said their recent claim was less than £1,000, followed by 31% of people who claimed for between £1,000 and £3,000.
One in 10 people claimed more than £8,000.
Nearly two-thirds of those homeowners received full payment from their insurers, while 31% received most of their claims.
Only 6% reported receiving partial payment or none at all.
Baby boomers (those homeowners aged 55 and up) were 73% to receive full payment compared to Gen Z (aged 18 to 24), of whom only 41% received the entirety of their claim.
The primary reason for claiming on home insurance was water damage, accounting for 28% of all claims, followed closely by accidental damage at 27%, repair costs at 21%, flood or storm damage at 18%, theft at 12%, and fire or smoke damage at 11%.
16% of respondents had been denied their home insurance claim.
The most common reason was homeowners not realising their policy did not include specific features (24%), such as accidental damage or personal possessions cover.
Other reasons included special conditions relating to the policy, not taking reasonable care, such as leaving keys in the front door, and failing to pay policy instalments on time.
Additionally, 16% did not follow the claims process correctly or were unaware of policy exclusions.
Guy Anker, director at Compare the Market, said: “The rise in living costs means households are tightening their budgets and cutting back on unnecessary expenses.
“It is encouraging to see that homeowners are aware of the value that having a home insurance policy brings, saving many of them spending significant amounts of money on home repairs.
“You can choose to buy buildings insurance and contents insurance either together or separately.
“Whether you’re a homeowner or a renter, it’s important to shop around on your home insurance to check what deals are out there and find cover which works for you.”
