Household hazards: why skipping that repair could cost more than you think
Key takeaways
- New Finder research has revealed 26% of Australians are currently avoiding or delaying home maintenance because of cost of living pressures.
- Interior maintenance and exterior upkeep are the most commonly delayed jobs, both at 10%, followed by electrical issues at 8%.
- Delayed maintenance is one of the most common reasons home insurance claims get knocked back.
From dodgy wiring to broken appliances, millions of Australians are leaving essential home repairs undone as household budgets tighten.
Interior maintenance and gardening or exterior upkeep top the list, both at 10%, followed by electrical issues at 8% and pest control and plumbing at 7%.
4% of Aussies have delayed major structural repairs, working out to roughly 400,000 homes.
"We're seeing more households forced into short-term decisions because of cost pressures, but unfortunately that can create longer-term financial stress," said Finder's home loan expert Richard Whitten.
"After the bills are paid, there's just not enough left over to repair a leaking tap or fix an electrical issue."
But here's the costly catch most households don't see coming.
Putting off maintenance can be the very thing that voids your home insurance when you finally need to claim.
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Why delayed repairs and insurance don't mix
Almost every home insurance policy in Australia contains a "wear and tear" or "lack of maintenance" exclusion.
In plain terms, insurers cover sudden, unforeseen events like a storm or a burst pipe, but not damage that builds up gradually because a home hasn't been properly looked after.
To reduce the risk of major structural breakdowns within the home, Whitten encouraged homeowners to get savvier where they can to prioritise the repairs that can't wait.
"Switch a few household bills and direct those savings to the emergency fund to help prepare yourself for future repairs."
So if it's been a while since you last reviewed the details of your home insurance policy, take this as your sign to give it a proper read, so you're not caught out by an exclusion you didn't know was there.
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