With a Water Leak Every 2 Minutes and Centrica Buying FlowGem, we are Reminded to use Technology to Stop Leaks in their Tracks
Water leakage in the UK costs us millions of pounds a year. According to The Association of British Insurers (ABI), £912m each year is spent in claims for residential water damage – leakage, not flooding. The average claim is £4,000 and there is a leak roughly every 2 minutes in the UK. If the leak is on the inside of the boundary, it is the responsibility of the home owner to pay for or insure and deal with. And Centrica has just paid £13 million buying a company that remotely detects and stops water leaks - something the Presciense solution also does through a combination of water sensors and emergency (mains water) shut-off valves. Our platform will also alert the home owner and/or their insurance company so that they can respond.
For the individual, the potential cost of damage through an internal leak is substantial and can amount to thousands of pounds if one’s insurance does not cover it. Even if it is covered by insurers, there are still all the disruption factors involved in a damaged building or room. The damage can emanate from an internal leak, such as a ball valve, or it could come from a leak in the central heating system.
So when is it likely that something like this can be missed? Well, it could be when people are on holiday as one example. We went on holiday and the central heating leaked. It not only ruined the carpet, but also went down into the room below and ruined all the wooden panels, which then needed replacing. Fortunately for us, our insurers paid out. But for either the insurers or individuals, with all the costs and hassle involved, wouldn’t it be much easier to detect it early on and simply stop the leak in its tracks?
Well, the technology is available today and Presciense’s solution provides both the insight into the fact that there is a leak, as well as the ability to switch off the mains water automatically – to prevent it getting worse. It is one of the benefits of the smart home of the now and the future.
Then, whether on holiday, or out for the day or a few days, home owners can rest assured that something will be picked up quickly – before it becomes either an expensive or time-consuming issue to deal with. Centrica puts the value at that as £13m. How valuable is it to you?