Nearly one in five claims made on buildings and contents insurance is for damage caused by escape of water, costing £2m every day, according to ABI research.
Last year, 371,000 escaping water claims were made with the average claim costing just under £2000.
However the ABI said some escape of water claims can run into tens of thousands of pounds.
The ABI's director of general insurance and health, Nick Starling, said: “This is a real concern – water is a precious resource and billions of litres are being wasted needlessly.
"The smallest of leaks can quickly become a torrent and cause some very expensive and disruptive damage. Don’t over look or under estimate the warning signs.
"Ensuring that domestic water appliances are properly installed and well maintained, especially as people go on their summer breaks, will greatly reduce the risk of expensive damage to your home.”
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