‘Escape of water’ has become a common and significant issue within the insurance market. So, what is escape of water and why should it matter to you?
Approximately one-third of home insurance claims in the UK stem from escape of water. This refers to water damage caused by a water leak within the property. Common causes include leaking tanks or boilers, burst pipes, blocked toilets, dripping taps, radiators and washing machines.
According to the Association of British Insurers (ABI), insurers pay out on average £1.8 million daily for damage caused by water leak claims.
For the resident, the impact of escape of water can be severe. A small rupture can quickly release gallons of water, damaging plaster, carpets and other contents and valuables in a matter of minutes. This can be incredibly distressing. Together with the shock, inconvenience and loss of treasured possessions, health and safety considerations could result in the homeowner being forced to move into temporary accommodation for the duration of any repairs, which could take months.
As we move into the colder months and burst pipes become more of a concern – especially if a property is left empty for a period of time, it’s well worth checking you have the right cover in place.
How can I better protect my home from damage caused by leaks?
Leak detection and suppression devices are available and can be fitted into new or existing buildings, significantly reducing the impact of a leak or burst pipe should it occur.
Installing leak detection technology can be an invaluable way for homeowners to protect their home, and investments, from water damage.
Many of the specialist insurers used by Griffiths & Armour, offer free leak detection technology with their high net-worth policies, and we can assist in identifying the solutions available to you. These include:
- Flow based. Installed on a pipe, the system monitors volume of water flow through the whole property. Effective at detecting pipe bursts and drip leaks, an automatic valve shuts off when a leak is detected.
- Sensor-based. Detecting unwanted water that encounters a sensor.
- Thermi-Q technology. Accurately measures air and pipe temperatures in your home, sensing a prolonged or consistent drop in temperature to alert you to a problem.
Help! I’ve found a leak, what should I do?
The ABI’s advice to consumers if you suffer a water leak, is to turn the water off at the main stopcock straight away and contact an emergency plumber. As a Griffiths & Armour Private Client, contact us as soon as possible and we will be on hand to offer assistance, guidance and support when needed most.
How can Griffiths & Armour help?
We work exclusively with insurers who deliver a market-leading claims proposition that we can trust not to let our clients down when the unexpected occurs.
We would strongly advise you to check your current insurance policy to understand the cover you have in place for the cost of alternative accommodation or loss of rent should the worst happen. We can check those details for you to give you peace of mind as we move into the winter months.
If you’re not currently a Griffiths & Armour client, we can conduct a complimentary review of your existing policies. This often results in improved cover whilst delivering premium savings. Do not hesitate to contact a member of the team for a complimentary and confidential review of your insurance arrangements.
For further information and support, please get in touch.
