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News: Water wash-out for homeowners

Wed, 24 Oct 07

28 per cent of residential property claims are the result of water escape, according to statistics for January to September issued by Lockton’s Real Estate & Construction division...

Storms have also proved a problem area, accounting for 23 per cent of circumstances and claims. Claims resulting from instances of fire are down nearly 70 per cent from the level in 2006 (69 per cent) – accounting for 21 per cent of claims so far this year.

Steve Bracey, Managing Director, Lockton’s Real Estate & Construction, says: “There has been a marked increase in the number of water escape claims – with the statistics for 2007 already at 28 per cent – up from 16 per cent last year. These figures highlight that this danger is not just a problem for the construction industry.

“Residential and commercial property landlords would be well advised to take notice of these results. For every piping problem and plumbing predicament there is a potentially expensive claim in the locker. These all add up; taking a little extra time and care to ensure that your house is in order is an extremely prudent option.”

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