Insurers in Britain may have a new data set to consider in their predictive analytics endeavors: the increase in claims due to personal lines property/casualty policyholders’ “do-it-yourself” (DIY) home improvements.
According to Confused.com, an insurance aggregator site, 53 percent of homeowners are doing their own home improvements due to an increase in living costs and decreased household incomes. The increase in claims are largely due to many of these projects ending in disaster, with 11 percent of those who ‘have a go’ at home improvements claiming on their home insurance policies.
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