Burst pipes on the increase as UK is gripped by icy conditions

Friday, January 30, 2009

Category: Personal Finance Tips

As temperatures plummet across the UK, Lloyds TSB Insurance has issued a warning to unprepared homeowners.

This comes as a result of a 15 percent rise in burst pipe claims; a figure which is expected to increase further as the cold weather continues.

Those lacking sufficient insurance cover for burst pipes, face a significant expense, with claims costing an average of £1,400. One recent claim met by Lloyds TSB Insurance actually exceeded £40,000. The insurance company has offered the following advice in order to assist homeowners in protecting their houses from the unnecessary damage that icy conditions can cause:

1. Ensure that the location of your stopcock, gas valve and ball valves is known, and also how to access them should a problem occur.
2. Make sure that outside stand pipes, taps, lag pipes and tanks in your loft are adequately insulated.
3. Ensure that your drain gratings, gutters and down pipes are debris-free.
4. Have your heating appliances serviced, and chimneys swept, on a regular basis.
5. Keep a torch and spare batteries in a safe place that can be easily accessed. Also make a list of useful telephone numbers inclusive of a plumber, heating engineer, glazier, electrician, and roofing contractor for example.
6. In the event of going on holiday, set the heating to come on for a short time each day. This should prevent pipes from freezing.
7. If leaving your house unattended for a significant period of time, open the loft hatch a little to allow warm air to circulate. Again, this should reduce the chance of water pipes and tanks freezing.
8. If you are intending to leave your property unoccupied for more than 30 days in a row, be sure to notify your insurance provider as this may have an effect on your cover.
9. In the event of a leak, isolate the source of the water as soon as possible and, if the damage is such that a claim is necessary, swiftly contact your insurer.
10. Ensure that the details of your insurance provider are kept to hand, and consider sharing this information with a trusted neighbour or family member just in case the worst happens whilst you are away. Some insurers, such as Lloyds TSB, provide helpline numbers for claims or emergency assistance.

Phil Loney, Managing Director of Lloyds TSB Insurance, commented: "After last year's comparatively mild winter, it's no surprise that so many homeowners have been caught unprepared by the cold snap.  A little bit of preparation now could save you from having to deal with escaping water from burst pipes or a broken boiler.  To give yourself peace of mind, make sure you have adequate insurance which will cover you if the icy conditions take their toll on your home."

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Homeowners who feel they would like to invest in their property in order to protect against the elements, and who are shopping around for the finances to cover costs, could consider taking out a secured home improvement loan. This could cover the cost of installing additional measures to protect against the cold weather, and repairing anything likely to leave homes exposed to poor weather conditions. Home improvement loans may be repaid over a term to suit the borrower from 5 to 25 years, but it must be remembered that repaying borrowing over a longer term may increase overall interest charges.