According to a review of insurance data, water damage is the number one claim submitted by landlords in Australia. Fortunately, there are ways to prevent this from occurring on your property investment.
The report from QBE Insurance, Australia’s largest global insurer, showed the damage is commonly caused by leaky pipes, floods and storms. Storm and flood damage made up 34 percent of national claims, while faulty pipes, leaks and water supply issues accounted for 21 percent for claims.
According to QBE chief customer officer Frank Costigan, landlords can take steps to minimise the damage caused by these claims.
- Replace old flexi hoses to manage an escape of liquids. This is often overlooked, but is easy to do.
- Ensure gutters are clean to help avoid storm damage.
- Check hoses for expiry dates. They are typically designed to last five to 10 years.
Flexible hoses, in particular, play a significant part in water damage. Over 30,000 claims were brought about by the failure of braided flexi hoses found underneath kitchen sinks.