The Impact of Early Leak Detection on Your Insurance
Many homes and businesses suffer from water damaged caused by leaks originating in the property. Those that are uninsured face a costly restoration process that can prove extremely disruptive. In such cases spotting any potential problem early would help to vastly reduce the price of restoration and also avoid disturbance to family or business life. Those with insurance against water damage can rest a little easier knowing that they are protected. However, there are still factors that they need to consider regarding the importance of early leak detection and the impact it can have on their insurance policies.
Rise in cost of insurance
Policy holders who make an insurance claim to cover damage to their properties and belongings can find that there is often a significant increase in their insurance premiums. Sometimes the cost of insurance can double or even triple and leave many with a hard choice as to whether they can afford both buildings and contents insurance. This kind of tough decision can be avoided through vigilance and ensuring early leak detection, then dealing with the problem before it becomes serious.
Non-renewal of policy
In circumstances where a policy holder has made a large insurance claim due to water damage they will find that upon renewal of their policy they are quoted not only a higher insurance premium, but also a higher excess. This means that in the event they have to make another insurance claim in the future they will have to cover a larger amount of the restoration costs themselves than they would have previously. It is also not unheard of for some insurance companies to completely refuse to renew a policy due to a previous insurance claim. The prospect of not having any buildings insurance is a very worrying one for businesses and homeowners alike and is perhaps the most persuasive argument to support early leak detection wherever possible, thus avoiding the need to make a claim.
Don’t let suspected leaks go unchecked. At Restorations UK we offer a comprehensive leak detection service that can save you from the worry of increased insurance premiums or the no-renewal of your policy. For more information on our leak detection service call 08000 926 123 or fill in our enquiry form for a prompt reply.