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Whether it's a deluge from a heavy rainstorm or a plumbing mishap, water and flood damage pose significant threats to properties in Wales. Not only can these types of damage cause severe structural issues, but they can also cause major disruptions and businesses interruption. Luckily, comprehensive property insurance can offer protection and peace of mind.
The latest figures from the Association of British Insurers indicate that, in 2022, a staggering 25% of all property insurance claims in Wales were related to water and flood damage. This highlights the substantial risk to Welsh homeowners and businesses, making property insurance an indispensable safeguard.
When you hear the terms 'water damage' and 'flood damage', it's essential to understand the distinction. Water damage typically refers to the harm caused by internal issues such as leaking pipes, faulty appliances, or a compromised roof. Flood damage, on the other hand, is caused by external events like overflowing rivers, coastal flooding or heavy rainstorms, which we unfortunately witness too often in Wales.
Both types of damage are covered under standard property insurance policies, but the degree and type of coverage can vary. For instance, 'escape of water' claims, related to incidents such as burst pipes, account for a significant portion of water damage claims.
Business interruption is another key factor to consider when examining property insurance claims. If water or flood damage forces a business to close temporarily, the financial implications can be severe. Business interruption insurance is designed to cover loss of income during the period that your business is unable to operate due to an insured event.
In fact, one in ten insurance claims in Wales in 2022 were related to business interruption. The tumultuous weather patterns, specifically flooding, were largely to blame. Businesses that had thought ahead and included business interruption in their property insurance were able to weather the storm, financially speaking, far better than those who hadn't.
If you've experienced water or flood damage in Wales, it's crucial to start the claims process as soon as possible. Contact your insurer, provide them with all necessary information and evidence, including photographs of the damage and estimates for repairs.
Furthermore, make sure you understand the terms of your policy. Know your deductibles, coverage limits, and whether you have a policy that replaces items at actual cash value or at replacement cost.
Consider arranging for a Loss Assessor to act on your behalf to present and manage your claim to your insurer in a professional manner. This can help speed up the claim process ensuring you remain in control throughout , whilst ensuring you receive your full entitlement. As the UK's leading Loss Assessor Oakleafe Claims work for you, not your insurer.
While insurance is a critical safety net, taking steps to protect your property from water and flood damage can save you a significant amount of stress and money. Investing in preventive measures such as flood barriers, water-resistant materials, and robust drainage systems can substantially decrease the likelihood of damage occurring in the first place.
As for business interruption, having a robust contingency plan in place can go a long way in minimising the impact of unforeseen events.
Water and flood damage, along with the potential for business interruption, is a significant concern for property owners and businesses in Wales. With a quarter of all insurance claims in the region relating to this kind of damage, it's clear that having a comprehensive insurance policy is not just an option—it's a necessity. By understanding your policy, making timely claims, and investing in preventative measures, you can help safeguard your property and business against these risks.
If you find yourself in the unfortunate position of needing to make an Insurance Claim as a result of water or flood damage, contact Oakleafe Claims and one of our highly trained team will be in touch to discuss your current situation.
If you have been declined while trying to claim on your domestic or commercial insurance, we can help. We can also help with professional services, for example, Brokers, VAR Valuations and Managing Agents.
