Research from OVO Energy has found that nearly half of British homeowners (45%) would not have the necessary funds to cover the cost of fixing a home emergency, such as a boiler breakdown or plumbing and electrical issues.
The poll of 1000 UK homeowners also revealed that 80% of Brits have experienced a home emergency and a third (33%) paid at least £400 on their last emergency home repair. These findings indicate that the cost of home emergencies is a growing concern for many, particularly this winter.
Meanwhile, almost two-thirds (62%) of respondents are more worried about the cost of home emergencies this winter compared to a year ago as the cost of living crisis continues to squeeze household budgets.
If faced with a breakdown in the home, 45% of those surveyed stated that they would have to rely on credit options to cover the costs, while 12% said they would turn to friends or family to help with the expenses.
These findings shed light on the financial challenges that homeowners face when dealing with unexpected home repairs. OVO says the lack of savings or emergency funds to cover such costs highlights the vulnerability of a significant portion of UK homeowners.
OVO says its poll serves as a reminder of the importance of financial preparedness and the need for homeowners to have contingency plans in place to address unexpected home emergencies. It has launched a Home Recover package, offering customers a free upfront repair for their boiler, heating, plumbing, internal drains, waste pipe or electrics, when they commit to taking out OVO’s Complete plan. And for anyone who isn’t an OVO energy customer, the first repair will be £79.
Mat Moakes, Chief Commercial Officer at OVO said: “Home emergencies can be messy, costly and incredibly stressful. Our comprehensive home emergency cover means our engineers will get to the heart of the issue and help fix the problem as quickly as possible. So whether the boiler’s on the blink or the pipes have frozen, we’ve designed Home Recover to help take the stress out of emergencies.”
