New research suggests that leaky pipes and general water damage from showers is costing homeowners more than theft or damage caused by criminals.
According to Legal & General, water damage related insurance claims cost the industry £730 million last year. This is nearly double the cost of claims for theft and burglary last year.
According to the Association of British Insurers (ABI), break-ins and theft damage cost just £370 million in comparison.
The Legal & General report found that more than 370,000 people made a water leak claim last year, with the average claim just under £2,000. The average burglary claim was £1,400 last year.
Malcolm Cooper, Director for Legal & General’s general insurance business, said; ìLeaving a water leak to continue to drip and not repaired can eventually result in major damage, as well as extra cost added to a water bill if there is a water meter installed.î
ìA ceiling can come down; a carpet can be ruined, as water pours out of a burst pipe under pressure. So a small leak can often become a big financial problem.î
The research also found that the most common source of water damage is from a leak in an upstairs bathroom. However, the room that is most likely to be affected is the kitchen, as bathrooms tend to be positioned directly above them.
A leak in the plumbing accounts for 35% of all claims made regarding water damage. Pipes that have become frozen and burst made up 14% of the total claims and 10% of claims were made regarding leaky showers.
During the winter, pipes are at risk of freezing and boilers breaking. It is, therefore, vital that you check your home contents and building insurance is up to date.
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