Cost of water damage to homes increases by 44%
Following news from the Association of British Insurers that escape of water in people's homes is costing £2 million every day, Allianz Insurance has released new data which reveals that in 2010, the amount paid by the insurer in domestic water damage claims jumped by 44.0% compared to the previous year.
Allianz's research reveals that the top four origins of water damage in the home are:
1. Feeder pipes (39%)
2. Bath/Shower (11%)
3. Toilet (9%)
4. Radiators (6%)
The research also found that the most likely rooms to be damaged as a result of internal water damage are:
2. Main Bathroom
4. Main Bedroom
The most expensive claims are caused by open pipes which are not concealed or contained in a wall cavity. According to the insurer, these claims cost an average of £7,547, which is around £4,000 higher than the average.
Allianz's Head of Home Management, Gareth McChesney, said: "Water damage claims account for almost 30.0% of all claims costs for our household business and this is a 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."
McChesney added: "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."