Water damage is one of the leading claims home owners and insurance companies have to deal with. Not only can it cause thousands upon thousands of dollars in damage but the average claim duration is over 3 months so inconvenience is also a factor when having to deal with these situations. It is projected that 14,000 homes a day will experience some kind of a water loss.
Top Causes of Water Damage at Home:
1. Plumbing appliance (not identified) - 23%
2. Pipe - 15%
3. Toilet - 12%
4. Air Conditioner (AC) - 12%
5. Shower - 9%
6. Water Heater - 7%
7. Sink - 6%
8. Ice Maker - 3%
9. Refrigerator - 3%
10. Sprinkler - 3%
In condos the claim frequency related to AC, toilets, showers, bathtubs and refrigerators was higher in all categories and even more than double in some of those categories.
This is where leak detection and water shutoff devices comes into play. Claims Journal states that losses can be reduced by up to 93% with whole house shutoffs. AIG also shows a significant drop in losses thanks to automatic water shutoff devices.
Leak detection devices with automatic shutoffs also existing for point of use applications such as:
• Water heaters
• Washing machines
• Ice makers
Contact us today to schedule an in-home consult. Our Plumbing Engineers will be happy to assess your home and specify a product that is right for you!
Sources:1: http://www.iii.org/fact-statistic/homeowners-and-renters-insurance- Homeowners Losses Ranked By Claims Frequency, 2011-2015 (1) 2: http://www.iii.org/fact-statistic/homeowners-and-renters-insurance -Homeowners Losses Ranked By Claims Severity (Average Claim), 2011-2015 (1) 3: http://www.iii.org/fact-statistic/homeowners-and-renters-insurance - Homeowners Insurance Losses By Cause, 2011-2015 (1) 4: https://www.claimsjournal.com/news/national/2011/04/08/184301.htm5: AIG Private Client Group is a division of American International Group, Inc. 6: Op cit- http://www.iii.org/fact-statistic/homeowners-and-renters-insurance- Homeowners Insurance Losses By Cause, 2011-2015 7: http://www.iii.org/fact-statistic/homeowners-and-renters-insurance- Homeowners Insurance Losses, 2011-2015 (1) 8: https://www.kiplinger.com/article/insurance/T028-C001-S001-dangers-of-water-damage-claims.html9: https://www.waterdamagedefense.com/pages/water-damage-by-the-numbers10: https://www.claimsjournal.com/news/national/2011/04/08/184301.htm11: 12/2017 WSS/PCG Client survey through SurveyMonkey- installations 2009-2017