Water Leak Insurance - is it worth it?

sgh

All

We had a supply pipe leak earlier in the year that over 2 weeks racked up a bill of £350 (normally £18 pcm). The leak was just after the meter so in theory the leak was our responsibility. Essex Water fixed it and credited the excess use back, but said they would only do this once. Going forward I would be responsible for all costs.

I belive most Buildings Insurance policies cover for the cost of repairing the pipe - is this the case?

Also is it worth taking out the insurance to cover against a possibly huge bill. We only noticed our leak within 2 weeks because we happened to get a bill. There was no sign of it at ground level. Had it been 3 months later I hate to think what the bill would have been.

So some advice please.....

Ta

dunstonh

Also is it worth taking out the insurance to cover against a possibly huge bill. We only noticed our leak within 2 weeks because we happened to get a bill. There was no sign of it at ground level. Had it been 3 months later I hate to think what the bill would have been.

You cannot insure yourself for everything. You cant afford to. So, you need to look at events statistically and make a judgement call.

So, looking at your situation, do you have enough life assurance, income protection etc? Is your retirement planning good enough? These events are more important and some are statistically more likely to occur.

mikey72

dunstonh wrote: »

You cannot insure yourself for everything. You cant afford to. So, you need to look at events statistically and make a judgement call.

So, looking at your situation, do you have enough life assurance, income protection etc? Is your retirement planning good enough? These events are more important and some are statistically more likely to occur.

My house insurance covers loss of metered water under some circumstances.
Forget the life assurance, income protection, and as for retirement planning I just plan to die and leave a really big debt!
Statiistically you will never be pursued for it.