Avoiding Escape of Water in High Net Worth properties
12/14/2020
Escape of water does not make the news as a flood would do, but research with Public Health England has shown that the effects of a large claim can have the same distress as a flood, with the disruption of customers out of their homes for long periods of time.
High Net Worth clients are particularly vulnerable to Escape of Water losses for a number of reasons:
Age of properties – Not only does this mean vast networks of pipes that can be hard to access, it also means the pipework will usually be older and at greater risk of corrosion. Therefore, when temperatures drop, pipes are much more likely to freeze and burst unless precautions are taken.
Size of properties – The larger the property, the greater the danger of a problem going undetected. Even small leaks can cause significant damage if they are not spotted early, especially in winter. Repairing water damage is time-consuming and expensive – from installing pumps and dehumidifiers, to carrying out repairs and replacing flooring or furnishings. The larger the property, the greater the cost.
Value of contents – Artwork is particularly vulnerable, but other items such as antique furniture, and furnishings such as carpets, curtains and cushions, could be extremely expensive to repair or replace if damaged.
Unoccupancy – The risk of escape of water increases if a property is regularly unoccupied, because problems may not be spotted until it is too late. HNW clients who own multiple properties and split their time between them. Leaks and burst pipes that go unnoticed for extended periods of time cause huge amounts of damage
If you would like more information about Escape of Water please speak to your usual Zurich Private Clients contact.
