Will shoddy maintenance void your home insurance? Here’s what to know
When was the last time you gave your home some love?
According to new research from Allianz, 2 in 5 Australians (40%) don't regularly maintain their homes. Only 16% of respondents said they look after their homes when they remember, while 12% admitted they only do it when someone reminds them.
Neglecting small fixes like leaks and cracks within the home can lead to massive complications later on.
The insurer revealed it received more than 19,000 claims related to burst pipes and water damage — both of which could have been avoided through basic and affordable maintenance.
Taylor Blackburn, personal finance expert at Finder, said attempting to keep up with home maintenance is a huge burden for a growing number of households and could land many in hot water if they ever need to make a home insurance claim.
"People are struggling with mortgages and other living expenses, pushing home maintenance to the bottom of the list."
"But the cost of letting a house become dilapidated can be far greater in the long term."
Cost of living putting pressure on Australian homeowners
When asked why homeowners were putting general maintenance on the backburner, 35% of respondents mentioned cost of living pressures and the expense that comes with home maintenance.
Surprisingly, 32% of homeowners said the mental load of maintenance and a general feeling of disconnect from their home was also a road block.
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Homeowners beware: the real cost of neglecting your property
While it's one thing to put off that paint job till the next weekend, many homeowners avoiding quick and easy fixes around the house could see these issues snowball into larger, more costly problems.
Many home insurers, like Allianz, exclude wear and tear in their policies.
According to the Allianz home insurance PDS, the insurer does not cover lack of maintenance and deterioration across home, roof and floor tiles, bricks and concrete, cracks in walls or sagging floors.
This could mean having your claim rejected and having to foot the bill to repair the damage.
"Homeowners who do not keep their property maintenance up to date also risk their insurance being voided," explained Blackburn.
"What starts as a small issue can escalate into something much more complicated and expensive to fix down the track."
However, Blackburn shared his top tip for homeowners struggling to find the funds for maintaining their homes.
"Shop around for cheaper home insurance and put that saved money towards maintenance costs."
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