Claims caused by water damage could add up to £40 to the cost of a household insurance policy, a recent study has shown. Last year, the amount paid by the insurer in domestic water damage claims increased by 44% compared to the previous year.
According to a new study released by a leading insurance company, feeder pipes (39%), baths and showers (11%), toilets (9%) and radiators (6%) are the top four origins of water damage in the home.
Furthermore, the Association of British Insurers revealed that the escape of water in people’s homes iscosting £2 million every day.
Kitchens, main bathrooms, lounges and main bedrooms are the four rooms most likely to sustain damage as a result of internal water damage.
The most expensive claims – costing an average of £7,547 – are caused by open pipes which are not concealed or contained in a wall cavity. This is around £4,000 higher than the average claims.
“Water damage claims account for almost 30% of all claims costs for our household business and this is significant for us and important to the cost of household insurance. It should also be remembered that water damage makes a mess of people’s homes, sometimes ruining valuable photographs and documents which cannot always be reconstructed.
No one wants to come down in the morning to find their kitchen under a foot of water,” Allianz’s Head of Home Management, Gareth McChesney.
“It is difficult to know why we are seeing this sudden increase in the number of claims but we recommend that all water connections should be inspected regularly to ensure they are not corroding.
Also, if in doubt about a DIY job, using a professional could be a lot less stressful and less costly in the long-run,” he added.
Saving water and checking that your pipes are in good condition is essential in order to save money in the long term.
However, in the case of facing unexpected leak or burst pipe, asking for a personal loan can be a quick way of gaining money for any repairs. As with any form of borrowing, it is important to ensure that you are able to meet repayments and fully understand the terms and conditions attached to your loan.