Recovering from the damage caused by burst and leaking water pipes is a traumatic and expensive experience.
Loved items can never be replaced, lost time can never be restored, and associated costs can spiral. Therefore, it makes sense to put in place preventative measures at a fraction of the cost. With winters becoming more extreme and water leaks from burst pipes more common, insurers are turning to our range of water leak detection and prevention equipment to mitigate the risks of an escape of water claim.
The risk is real with the ABI calling on insurers to prioritise reversing the rising cost of escape of water claims. ABI’s Director of General Insurance Policy James Dalton, “Tackling the rising costs of escape of water claims must be the number one priority for the domestic property insurance market in 2018”. His call comes as latest ABI figures show no let-up in what is the most expensive claim for domestic property insurers.
Latest ABI figures:
- In the first nine months of 2017, domestic escape of water claims cost £483 million, rising 1% on the same period in 2016 and up 24% on the first nine months of 2014.
- Between 2014 and 2016 the total cost of domestic escape of water claims jumped by 24% from £529 million to £654 million.
- In the last three years the average cost of these claims has risen by 31% to £2,638.
As well as being a specialist partner with Aviva Insurance we work with many risk management consultants and underwriters as they campaign to highlight the importance of the reduction of escape of water claims and how to utilise the knowledge available from us as water leak detection and prevention specialists.
The cost of fitting a Waterguard water leak prevention system is often less than the excess before your insurer pays out. With many insurers insisting on water leak prevention to fully provide homeowners and contents insurance and others offering lower excess premiums, it is financially advantageous to compare insurance asking your provider about water leak detection.