Internal water damage accounts for 45% of all interior property damage, happening more often than fire or burglary. Yet, less than 20% of homeowners say they have implemented even one water risk mitigation best practice, according to a 2019 survey by Chubb.
It’s Time to Learn More About Water Damage and Maintenance
Have you installed a water leak detection device in your home? If you have, you’re a step ahead of most – and well on your way to maintaining a dry, comfortable home. Surprisingly, only 9% of those surveyed have installed a water leak detection device, which can identify leaks early on and either notify you or shut off the water supply to prevent major damage.
How much does a typical water leak claim cost? Probably more than you think. While half of all homeowners believe that damage from a plumbing or appliance water leak will cost less than $5,000 (USD), Chubb’s average cost for water leak claims is, in fact, more than $55,000, and the average water back-up loss for homeowners is almost $45,000.
Have you ever had your appliances inspected? If you have, that’s great. The surest way to prevent a water leak is to keep your appliances in good order and inspect them periodically to make sure there are no issues. However, only 19% of homeowners periodically check their appliance hoses, 19% check home heating systems, and 16% have maintenance done on their water heater.
Which appliances are most likely to leak? Plumbing supply systems are the number one cause of non-weather-related losses. That means your kitchen, bathrooms, and laundry room, and the pipes that connect them to the water supply, warrant a little extra attention.
Are you planning to do renovations on your home? If you are, you’re not alone. A full 67% of homeowners said they would definitely or probably undergo a renovation or improvement project over the next 12 months. This is an excellent time to install home protection devices, such as water shut-off systems.
For more information on the survey or to download the full results, visit Chubb Homeowner’s Risk Survey.