Sunday, February 21, 2010
Category:
Home Improvements
According to statistics from AXA, the freezing temperatures over the past couple of months have led to an increased number of claims for ‘escape of water’ as a result of burst pipes.
It has been revealed that the company has received hundreds of claims where the average value of damage stands in the region of £30,000. The largest claims have reportedly come in at hundreds of thousands of pounds due to houses being ‘totally destroyed’. AXA has pointed out that the 20 percent of households who do not have contents cover could face ‘much more serious repercussions’ in such a predicament.
It has been revealed that the most consistent reason for such losses is householders leaving their properties vacant – even for just a day or two – without taking any precautions. Research has shown that only 8 percent are concerned about the possibility of a burst pipe whilst they are away during the winter period. Furthermore, it was found that only 38 percent will implement basic precautionary measures such as leaving the heating on.
Head of home insurance at AXA, Nick Kidd, commented: "Our research shows that people don't realise 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.
"We are worried that despite all the warning signs, a number of homeowners still got caught out by the cold weather this winter with significant damage to their property and possessions. As we gear up for another big freeze this week, we are urging homeowners to do what they can to prevent themselves becoming the victim of a burst pipe. Even if they're just going away for a weekend there are things they can and should be doing to protect their homes such as leaving their heating on. And in the longer term we would urge people to spend some time this year ensuring that things like insulation and lagging are in place before next winter."
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Homeowners who would like to ensure that their property is ready to withstand the elements next winter could consider taking out a secured loan for home improvements to fund any work required. One of many finance options available, a secured loan for
home improvements could allow borrowers to thoroughly insulate their property for example. Larger scale projects, such as replacing a roof that is in a state of disrepair, could also be achieved by means of a secured loan. This could assist in making a property retain heat more effectively whilst keeping unwanted precipitation out. Such work could even lead to reduced energy bills.
