According to figures from the Association of British Insurers (ABI), the so-called Beast from the East and Storm Emma that caused widespread disruption in late February and March led to property insurers paying out a record breaking amount in burst pipe claims in the first quarter of the year.
A record £194 million was paid out to help homeowners deal with burst pipes in the first quarter of 2018 as the freezing weather took its toll, according to insurers.
In the first quarter of 2018 a total of £1.25 billion was paid by insurers under domestic and commercial property insurance policies – the highest quarterly figure for two years.
Insurance pay-outs to homeowners and businesses for storm, flood and burst pipe damage jumped to £361 million, a massive 290% rise on the £93 million paid in the previous quarter. Some 86,000 claims were handled, compared to 29,000 in the previous quarter.
Mark Shepherd, Assistant Director, Head of Property, Commercial and Specialist Lines, ABI, said: “This winter definitely had a sting in the tail that was felt by thousands of homeowners and businesses. No matter how unpredictable the weather, insurers are always ready for it as these figures show.”
Were you affected by the Beast from the East? Did you have adequate home insurance? Contact our team at payingtoomuch.com on 01243 219333 for a quote if your home insurance is due for renewal.