Anyone who hasn't spilled paint on their carpet at one time or another is either gifted with the catlike reflexes of a ninja or they are plain old, straight-up lying through their teeth.

And while DIY mishaps - from prying a lid of paint off too overenthusiastically to hitting a livewire while fitting switches and sockets and subsequently embedding a hammer in a wall on the other side of the room - can happen to even the most practised old heads, they can cost you a lot more than a new carpet and an ear-bashing from your other half.

As Built It magazine editor Anna-Marie DeSouza notes, those DIYers embarking on even small-scale projects could risk ending up in the financial mire if their household insurance isn't up to date.

"It's very important for homeowners to have the right insurance in place and they should check out their cover before doing any work that could potentially go wrong," says Anna.

"You would be surprised by the number of people who have simply wanted to update a room by painting it, but have accidentally dropped the pot and ruined the flooring, which would cost hundreds to replace if their contents cover is out of date."

Around 11 per cent of homeowners have claimed on their insurance as a result of DIY mishaps - but a number may not be sufficiently covered, meaning they are one collapsed ladder away from a hefty financial hit.

And that goes for large-scale or commercial projects, too. If you're working with a business, you need to know the details of your own insurance, theirs, and also be especially careful not to spill paint everywhere and short out the building.

"Without the correct insurance in place you could cause thousands of pounds worth of damage to your property that you would be unable to rectify without insurance protection," says Anna. "Speak to your provider to clarify what your policy covers, and if you feel you need to extend the cover for further protection, this is almost certainly worthwhile."