The company has also predicted that the industry may have to pay out around £25 million in claims for DIY-related damage.
Simon Coughlin, spokesman for Allianz Insurance, said: "Before they start, we suggest DIY enthusiasts should check to see if their insurance policy covers them for accidental damage in case the job goes horribly wrong.
"The average cost of a claim for DIY related damage is £600 and our claims staff expect to be busier than usual following a bank holiday weekend."
As well as being a provider of home insurance, Allianz also offers consumers in the UK cover for their cars.
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