Approximately 1 in 50 homes experience a catastrophic water leak each year. Amanda explains just how much damage these leaks can cause, and what can be done to prevent them.
Massive water leaks happen in homes and buildings more regularly than you’d expect. Not only do older buildings have issues with leaks but a lot of newer ones as well. Approximately 1 in 50 homes experience a catastrophic water leak each year. Toilet lines burst, pipes freeze, refrigerator tubing cracks – the possibilities are endless. These leaks, on average, cause $8,000 worth of damage to the average home and it’s not out of the ordinary to see over $100,000 of damage in a multi-family building.
In addition, if a water leak occurs when you’re away for the weekend – it could easily flood your home, essentially “totaling” it. That doesn’t just mean tens of thousands in damage – it also means that you have to vacate your home, while the water is remediated, mold removed in some cases and construction is done to rebuild the unit. During this time, you will be accruing expenses to live and eat elsewhere until the home is habitable.
To prevent or reduce the amount of damage Automatic Water Shutoff Valves and/or a Leak Detection System can safeguard your home and prevent damage from water leaks. An automatic water shut-off valve detects water either by monitoring flows in the pipe or by detecting water on the floor. When flow is irregular or moisture is detected, the valve will shut off the water supply to your home. These can prevent a significant amount of the damage that water leaks cause.
The cost is reasonable and is well worth it, as just one claim where you have to pay your policy deductible will offset it. That doesn’t include all of the other expenses, time and inconvenience you will save by catching it early.
For more information, please contact us.