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Daily Insurance Industry News
Saturday 23rd of June 2018
August 5, 2011

Water damage costs surge by 44%

by Richard Kilner

Story link: Water damage costs surge by 44%

Water damage costs surge by 44%

Claims related to damage by water could increase home insurance premiums by up to £40, which is particularly concerning as the cost of claims for water damage have spiked by 44% in just one year.

The surprisingly high surge in the cost of claims, published by Allianz, follows an announcement by the Association of British Insurers that escaping water costs British homeowners £2m every day.

More than a third (39%) of water damage is caused by feeder pipes, with 11% from baths/showers, 9% from lavatories and 6% from radiators.

Unsurprisingly, research also found that the kitchen and bathroom are likeliest to be hit with water damage, followed by the lounge and master bedroom.

Leaks from open pipes cost an average of £7,547, with is £4,000 greater than the average of all water-leak claims.

Head of Home Management Gareth McChesney emphasised that water damage was costly both in financial terms and in regards to the emotional impact it could have when goods of sentimental value, such as family photos, are damaged.

McChesney added that the cost was such that hiring a professional rather than opting for DIY was more expensive in the short-term but wise in the long term.

 

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