Home Insurance Escape Of Water Claims
Home Insurance Escape Of Water Claims. On a recent meeting with one of our Business Managers from the Halifax Bank, I learned that the amount of Claims going through for Escape of Water had trebled in recent years, thus pushing up the price of Home Insurance across the Board.
Halifax commented that all insurance providers had been paying millions out in claims over recent years for Escape of Water. It was only 5 years ago that claims for Escape of Water were unheard of, almost non-existent.
I have thought long and hard about why this could potentially be the case, and based on my experience I have decided on the following theory.
When quoting my clients on their new Home Insurance Policies, I have to clarify how many years No Claims Discount is applicable. Many clients have declared “Escape of Water” claims to me in the last 5 years. Usually the value of the claims are quite substantial. When the water has damaged ceilings, carpets and flooring, the whole lot needs to be replaced using qualified tradesmen, as well as the rooms affected being re-decorated (more often than not the claim is on the first floor requiring building repairs to …