A rain cowl helps prolong the life of your chimney, it reduces moisture and water entering your chimney, and it also prevents bird and vermin intrusion. Overtime water entering your chimney will wear away the mortar joints cause Spalding of the flue (face of flue breaking away, this is caused freeze thaw action). This will ultimately lead to water ingression or dampness in the house and a breakdown in the integrity of the chimney flue. Older properities are more at risk.