Is Your Home Protected From Water Damage?

The answer may be “no” — a new Chubb survey shows that the majority of homeowners are overlooking the single most common property-related loss: water damage.

While most homeowners are rightly concerned about fire, theft and how to safeguard their home, new data from Chubb shows that the majority of homeowners are overlooking the single most common property-related loss: water damage. In fact, in a survey of 1,200 homeowners, Chubb found that water leaks only ranked fourth on the list of top home-related concerns.

Not only is water damage and flooding common, it’s also very costly and getting more expensive, with Chubb claims data showing that loss cost claims over $500,000 have doubled and those over $1,000,000 have tripled since 2015.

Not only is water damage common, it is very costly.

So, what can you do about it?

  • Be prepared. Most homeowners fail to leave relevant information with people looking after their property. Just 30%, for example, reported leaving water leak information with caretakers and only 17% provided information about what to do in the event of a flood.
  • Renovation reminders. When adding new outdoor features, many homeowners neglect to consider how it will alter the slope of their garden. Failing to take this into account could mean you inadvertently redirect water to flow toward your home.
  • Cold comfort. The cold winter months mean homeowners are 40% more likely to experience a water leak. Despite this, less than a quarter of homeowners install pipe insulation. Taking this simple (and cheap!) step is the single best way to prevent your home from unexpectedly becoming an igloo this winter.
  • Sneaky leaks. That leaky faucet you left unattended has been dripping 57 gallons of excess water a week, according to the EPA. When it comes to water-related home maintenance, there’s no time to wait. Unfortunately, 30% of homeowners take more than a week to fix a home maintenance issue.

Water is all around us. But, the one place it shouldn’t be is inside your home. For tips on how to keep it out of your home, as well as the full results of our water risk survey, check out the Chubb Water Protection Resources site.

Fran O’Brien is Division President, North America Personal Risk Services, Chubb.

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