Escape of water costs home insurers £730m a year
Legal & General (L&G) has calculated that insurance claims for escape of water damage in UK homes cost the insurance industry £730m in 2010, nearly double the £370m cost of burglary claims over the same period.
The insurer cited figures from the Association of British Insurers showing that in 2010 over 370,000 people made escape of water damage claims with an average value of just under £2,000.
L&G added that its own figures revealed damage from frozen pipes increased from 1.3% of overall claims in 2009 to 6.5% in 2010.
The provider said that escape of water claims added an average £54 to every household insurance premium in the UK as it highlighted its ‘Stop the Drop' campaign to raise awareness of
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