However many homeowners will only put aside £2,700 to pay for them the sudy found.
As 76 per cent of homeowners have no reserve funds to pay for emergency repairs, despite it costing the typical homeowner more than £1,192 a year, they face a £15,000 shortfall in years to come.
Those who have been faced with a repair bill that they couldn't readily afford (more than 66 per cent) have resorted to serious measures to cover the costs.
Almost one in 10 (nine per cent) have not paid other bills, and the same number have been forced to borrow money from friends or relatives. A further 14 per cent have considered re-mortgaging their property to fund necessary repairs.
British homeowners' lifestyles are also being affected as they are forced to make sacrifices to afford emergency repairs. 29 per cent have forgone personal luxuries such as DVDs, clothes and trips to the hairdresser, and more than a quarter (26 per cent) have been forced to socialise less often. Almost a fifth (19 per cent) have cancelled a holiday the Direct line study found.
Kate Syred, business manager at Direct Line Home Response 24 Insurance, said: "When the inevitable happens, many homeowners are unprepared financially to deal with a home emergency and so have to make large sacrifices to meet repair bills.
"To cushion the financial blow, homeowners should set aside a small amount each month to meet the cost of emergency repairs. For extra peace of mind homeowners should consider taking out insurance to cover themselves if the worst happens."
