How Water Damage is the Top Cause of Loss

10December,2020
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Do you know what’s one of the most common types of homeowners insurance claims? It’s water damage. Perhaps that’s not surprising when you consider that pipe bursts and broken appliances happen to just about every homeowner at some point. What’s more, these events are costly – more so than people may realize. According to Chubb Personal Risk Services claims, 45 percent of all interior property damage is caused by water, happening more often than fire or burglary. The average payout for standard interior water damage is an eye-watering $65,000. This is all the more reason to secure reliable homeowners insurance that works to protect your home and property throughout the worst.

 

Why Water Damage is a Top Cause of Loss

 

HVAC leaks, appliance malfunctions, and burst water pipes – there are many reasons why a home could suffer from water damage. Every home has a kitchen and bathroom that handles large amounts of water every day. Many houses of today now have extra bathrooms and second-floor laundry rooms, which means more piping. With older appliances, older home infrastructures, and poor maintenance, a home can very easily be a victim of water damage, from small leaks to several inches of standing water.

 

Homeowners have admittedly been slow to install smart technology to help detect leaks and water shut-off devices to stop supply water when a leak is detected. But insurers are hopeful that raising awareness about the issue will encourage homeowners to take these small steps to better protect their property and belongings.

 

Preventing Water Damage

 

Most water damage incidents can be prevented by the homeowner taking action. This means that you should work to be prepared now, rather than wishing you had spared a few minutes to protect your property. Here are some ways to get started.

 

  • Install water leak detection sensors on individual appliances prone to water loss. These devices have the ability to detect and notify you of a water leak.
  • Install automatic water shut-off devices. These go a step further by automatically turning off the water supply when a leak is detected to prevent further damage. However, these devices must be installed on a building’s water main.
  • Install a HVAC safety switch or float switch on the water pan underneath your unit to automatically stop the system from operating when an overflow is detected.
  • Opt for braided metal supply lines as these are far more robust and less prone to splitting than rubber hoses.
  • To avoid toilet overflow, consider the types of materials and quantity of products flushed.
  • Before temperatures drop, wrap your exposed and exterior pipes with insulation.

 

These tips can help you prevent water damage in your home.

 

At Hoffman Brown Company, we look for ways to do more for our clients. That’s why we like to provide you with useful tips and resources to help you protect your home from interior water damage. Are you looking for home insurance? The team at Hoffman Brown Company are ready and waiting to help you find reliable and responsible insurance for your property. Contact us today to get started!

COVID-19 Update:

The Coronavirus, officially COVID-19, has become a global health emergency. One of the measures Hoffman Brown Company has taken to keep our CLIENTS and Teammates safe was to design a complete virtual work environment. For the foreseeable future, our colleagues will be conducting business virtually to avoid any disruption in our ability to serve you. These measures are based on the CDC’s guidance and will evolve with the situation. Please know that we are fully functional, available and look forward to being of service.