International home insurance provider, Chubb, found that water damage claims are on the rise here in Australia and many people aren’t doing much to avoid it.
In its recent report, Chubb found that the average claim for water damage has skyrocketed by 72% over the past five years, with the average claim jumping from $17,627 in 2014 to $30,361 in 2018.
Not only that, they claim that Aussies are less concerned about water damage, despite water damage claims making up 34% of its total claims, which is more than double that of fire damage (16%) three times greater than theft (9%).
“Australians are increasingly more aware of the damage caused by floods and fire, yet few are prepared for the threat from water damage to their homes,” Chubb’s Underwriting Manager, Australia and New Zealand, Personal Lines, Michelle O’Dowd said.
While most Aussies are likely to experience water leaks, interestingly, the data found that residents in Western Australia and Victoria are 20% more likely to make a claim for water damage than other states around the country.
3 top tips to protect your home from water damage
To ensure you aren’t one of the many Aussies getting caught out emptying their pockets due to water damage, here are some things you can do to lessen your chances of being caught in a sticky, or should we say wet, situation.
Protect the outside of your home
There are plenty of things to check on the outside of your house that may save your home from external water damage. Here are some key things to keep in mind:
- Thoroughly inspect your roof and the intersection of roof and wall lines
- Clear blocked gutters or drains around your house
- Ensure all windows, balconies and terraces are in good condition
- Check the paint on your home for any cracks or peeling
Protect the inside of your home
Water damage doesn’t only occur from the outside, as a busted pipe could end up costing you hundreds of dollars in repairs and damage to your home. Here are some key things to look for inside your house:
- Know where your shut-off valves are so that you can turn the water off if you need to
- Check you plumbing and hot water system for any issues
- Make sure your bath and shower are watertight
Get the right home insurance
Accidents do happen and sometimes water damage can be unavoidable, so it can make sense to ensure you’re covered in case something goes wrong. Double check your policy before you sign the dotted line as, in some cases, water damage may be an optional extra rather that automatically covered.
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