'Escape of water' could spark large claims
With over a third (35%) of Brits away for a few days or more over the Christmas and winter holiday period, AXA Home Insurance is warning that burst pipes could be a bigger threat than burglary while you’re away.
Statistics from AXA show that during December and January last year, more people claimed for ‘escape of water’ than for either fire or theft. Yet while nearly two-thirds of us (57%) worry that our homes will be burgled while we’re away and a quarter (24%) worry that our homes might be destroyed by fire, only 8% are concerned that a burst pipe might be a problem.
In fact, while we head off to see loved ones over the Christmas holiday period, only one in three (38%) people will take even the most basic of precautions to protect against burst pipes such as leaving the heating on, yet nearly three quarters (71%) will lock the windows.
According to AXA’s data, the big freeze in January last year led to around one in every 1000 homes claiming for water damage from a burst pipe with average claims reaching a staggering £15,000.
Claims for contents alone averaged £4,200 – around ten times the £418 people reckon they will spend on Christmas this year. And with many households having no cover for contents , this could lead to a very expensive Christmas for some. Claims for burst pipe damage under buildings insurance came in at an average of £10,900.
Nick Kidd, head of home insurance at AXA says: “Our research shows that people don’t really understand the importance of protecting their water systems from freezing conditions. Not only does burst pipe damage have financial implications, especially if insurance is not in place, but it can also cause huge emotional trauma from ruined personal belongings.
“Arriving home after a Christmas break to find your home devastated by a burst pipe can be very stressful and even if you have the insurance in place to cover the cost, the sentimental value of many things we keep in the home can never be compensated.
“Last January’s huge rise in claims (around 60% up from the previous year) was primarily down to a sharp drop in temperatures in early January leaving pipes vulnerable. But this was by no means an exceptional weather event and a few cold days this Christmas could mean a miserable New Year for many homeowners.”
