GITNUX MARKETDATA REPORT 2024
Statistics About The Average Insurance Claim For Burst Pipe
The average insurance claim for burst pipes is typically around $10,000-$15,000.
In this post, we will explore a collection of compelling statistics related to insurance claims for burst pipes and water damage. From the average cost of a claim to the frequency of incidents, these numbers shed light on the significant financial impact and prevalence of such issues in the UK and beyond. Let’s dive into the data to gain a better understanding of the challenges homeowners face when dealing with burst pipes and escape of water claims.
Statistic 1
"The average insurance claim for a burst pipe is approximately £7,500."
Statistic 2
"There's an 8% chance per year your home will have a claim related to water or freezing damage, including burst pipes."
Statistic 3
"Around 22% of home insurance claims are for water damage damage, including burst pipes."
Statistic 4
"In 2018, the average insurance payout for escape of water claims, which includes burst pipes, was £2,638 in the UK."
Statistic 5
"Burst pipes and other escape of water claims cost UK insurers £3.9 million daily in 2018."
Statistic 6
"Insurers paid out $13 billion in claims for winter weather disasters, including burst pipes, in 2019 in the US."
Statistic 7
"Burst pipes resulting in damages of over $5,000 account for 15% of home insurance claims."
Statistic 8
"Water damage and freezing claims, including burst pipes, represent about 21.1% of all homeowners insurance losses."
Statistic 9
"On average, 24% of weather-related insurance claims are the result of freezing or water damage, including burst pipes."
Statistic 10
"Severe winter weather, including burst pipes, accounted for 6.7% of catastrophe losses in the USA from 1993 to 2012."
Statistic 11
"Damage due to burst pipes and other water-related issues are the most common causes of home insurance claims in Canada."
Statistic 12
"In 2017, about one in 50 insured homes has a property damage claim caused by water damage or freezing each year."
Statistic 13
"Insurance companies spent over £700 million on escape of water claims, including burst pipes, in the UK in 2018."
Statistic 14
"The average repair cost for burst pipes in the home is $500 to $1,000, but the cost can go much higher."
Statistic 15
"On average, a quarter of properties experienced escape of water, including burst pipe, over the last five years."
Statistic 16
"In 2018, insurance companies paid approximately £483 million for escape of water damage, including burst pipes."
Statistic 17
"About one in 55 homes submit an insurance claim due to water damage or freezing annually, including burst pipes."