Managing general agent Prestige Underwriting says that two in five (41.4%) of escape
of water claims exceed £20,000 with more than one in five (22.4%) costing more than £50,000. It says the figures come from analysis of data from its claims on unoccupied and holiday home policies this year.

The MGA is encouraging insureds to review policies that apply a fixed escape of water limit to avoid them being left out of pocket in the event of a claim. It highlights that these losses are a particular problem for unoccupied or holiday properties as leaks tend to go unnoticed for longer.

Tim Baxter, business development and relationship director at Prestige Underwriting, said: “Escape of Water losses can be severe, costly and highly disruptive. A fixed escape of water cap may look simple on paper, but our claims data shows it can create a very real protection gap.”