Covéa Insurance tackles escape of water with LeakBot pilot

Feb 2, 2018, by Covea

Covéa Insurance is pleased to announce it is partnering with leading home assistance provider, HomeServe, to pilot connected leak detection technology for its high net worth customers. 

Covéa Insurance has identified high net worth home owners as being at increased risk of suffering costly escape of water claims and it believes HomeServe’s ‘LeakBot’ detection device could offer an effective method of reducing the frequency and value of these claims.

Covéa Insurance is offering connected leak detection devices to HNW customers through some of its broker partners. Leakbot identifies leaks early, automatically alerting the homeowner to the leak via an app. This could enable a leak to be sorted before it  causes extensive damage to the home. LeakBot is fully supported by HomeServe’s Find & Fix service.  

Sara Simmons, Head of High Net Worth commented;

“HNW homes tend to have more bathrooms, bigger water tanks, under floor heating and wet areas, all of which create more potential for leaks.  Combined with the increase in popularity of additions like basement cinemas and connected technology, it’s clear why escape of water claims are becoming more expensive. We compared an escape of water claim from ten years ago with one today with practically identical circumstances. The costs today in real terms are significantly higher.

 We believe this increase in costs is also partly due to the way today’s houses are being designed or remodeled to include more open plan space and connected technology, meaning that damage from even a small leak can be widespread. By introducing risk management measures like Leakbot we are mitigating this risk and protecting our customers from the damage escape of water can cause.”

Craig Foster, MD, HomeServe Labs, said;

“We are delighted to be working with Covéa Insurance and providing their customers with our leading edge Leakbot product which we believe will help reduce the number of high value escape of water claims and support their broker and HNW customer proposition.”