With the October half-term holiday approaching, consumers could well find themselves coming under additional financial strain, the results of a new study have intimated.
In research carried out by Sainsbury's, the firm suggested that thousands of homeowners are likely to find that their property is damaged either by their children, their friends or the family pet during the week-long break.
Overall, an estimated 900,000 people could experience some form of accidental damage to their homes as a result of children and pets over the course of the holiday.
Findings from the financial services firm also showed that for every single incidence of damage caused to a property by a child who is living there, up to three times as many breakages are caused by their friends.
And with such expenses set to cost a total of 106 million pounds, replacing items or repairing their homes may well cause consumers to develop difficulties paying back loans, meeting demands for payment on utility bills and other constraints on their outgoings.
Commenting on the figures, Steve Johnson, head of Sainsbury's Home Insurance, said: "A week of having your children at home can be a challenge in terms of keeping them amused and entertained.
If the weather is poor and they have to spend more time indoors, the chances of your home being damaged in some way by them or their friends increases.
" In addition, the company reported that as the half-term break may be dominated by poor weather, many children could well spend "a considerable amount of time" indoors during the holiday.
This in turn, it was suggested, could see them become more at risk of breaking or damaging something.
Meanwhile, walls, carpets and flooring were signified as the areas most likely to be damaged by animals or children.
Furniture and windows are the second most probable targets, followed by doors, electronic equipment and garages.
As a result, the taking out of an adequate insurance policy could be one way of successfully safeguarding consumers' capacity at financial management.
Conversely, by not having cover, consumers could well find themselves at greater monetary risk.
Earlier this month, research conducted by the Association of British Insurers (ABI) revealed that more than a third of households on a low income (earning 10,000 pounds or less) do not have any type of insurance.
However, with these people at greater risk of fire, flooding and crime, the association asserted that not taking out cover could see them come under increased financial pressure than those who earn more money.
Findings from the ABI also indicated that people earning less than 5,000 pounds a year are some 71 per cent more likely to have been a victim of burglary, compared to people with a salary of at least 30,000 pounds.
In addition, low-income households are shown to be the most at risk of floods.
Overall one in three of those people earning the least amount of money per month have borrowed, for example via an unsecured loan or plastic card, to meet the costs of replacing such items - it suggested that such a move will increase their levels of debt.
However, opting for a cheap loan could be an effective way of helping to fund repairs and replacing items.
In research carried out by Sainsbury's, the firm suggested that thousands of homeowners are likely to find that their property is damaged either by their children, their friends or the family pet during the week-long break.
Overall, an estimated 900,000 people could experience some form of accidental damage to their homes as a result of children and pets over the course of the holiday.
Findings from the financial services firm also showed that for every single incidence of damage caused to a property by a child who is living there, up to three times as many breakages are caused by their friends.
And with such expenses set to cost a total of 106 million pounds, replacing items or repairing their homes may well cause consumers to develop difficulties paying back loans, meeting demands for payment on utility bills and other constraints on their outgoings.
Commenting on the figures, Steve Johnson, head of Sainsbury's Home Insurance, said: "A week of having your children at home can be a challenge in terms of keeping them amused and entertained.
If the weather is poor and they have to spend more time indoors, the chances of your home being damaged in some way by them or their friends increases.
" In addition, the company reported that as the half-term break may be dominated by poor weather, many children could well spend "a considerable amount of time" indoors during the holiday.
This in turn, it was suggested, could see them become more at risk of breaking or damaging something.
Meanwhile, walls, carpets and flooring were signified as the areas most likely to be damaged by animals or children.
Furniture and windows are the second most probable targets, followed by doors, electronic equipment and garages.
As a result, the taking out of an adequate insurance policy could be one way of successfully safeguarding consumers' capacity at financial management.
Conversely, by not having cover, consumers could well find themselves at greater monetary risk.
Earlier this month, research conducted by the Association of British Insurers (ABI) revealed that more than a third of households on a low income (earning 10,000 pounds or less) do not have any type of insurance.
However, with these people at greater risk of fire, flooding and crime, the association asserted that not taking out cover could see them come under increased financial pressure than those who earn more money.
Findings from the ABI also indicated that people earning less than 5,000 pounds a year are some 71 per cent more likely to have been a victim of burglary, compared to people with a salary of at least 30,000 pounds.
In addition, low-income households are shown to be the most at risk of floods.
Overall one in three of those people earning the least amount of money per month have borrowed, for example via an unsecured loan or plastic card, to meet the costs of replacing such items - it suggested that such a move will increase their levels of debt.
However, opting for a cheap loan could be an effective way of helping to fund repairs and replacing items.
Source...