Did you know that water damage accounts for more insurance property damage claims than fire and theft? Yet most Americans don’t think about shutting off the water main when they go away on vacation.
Instances of water damage have been rising dramatically. In the past 10 years, the frequency of sudden pipe bursts has nearly doubled. In 2015, water damage accounted for nearly half of all property damage, according to the Insurance Information Institute.
To see how much you know about water damage – and help you avoid it – we’ve come up with up with these seven questions:
1. Do you turn off the water main before leaving on vacation?
If you said yes, you are one of only 22% who do, despite the fact that 88% know where the water main is and how to turn it off.
2. In what month does the most water damage occur?
If you said August, you were among only 8% of people who got the answer correct. Evidently, most people go away on late-summer vacations and forget (or don’t know) to turn off the water main.
3. 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 having a dry, comfortable home to come back to after vacation. Surprisingly, only 18% of those surveyed have installed a water leak detection device.
4. Have you experienced a water leak claim in the last two years?
More than 90% of homeowners rate themselves “vigilant” or “doing an OK job” of preventive home maintenance. However, close to half have experienced a water leak in the last two years. Let’s hope your preventive maintenance works better than most.
5. How much does a typical water leak claim cost?
Of the home owners who have experienced a leak in the last two years, 57% spent $5,000 or more on cleanup and repairs, and 15% spent $20,000 or more. The cost of a water leak detection system is minimal by comparison.
6. 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.
7. Which appliance is most likely to leak?
Plumbing supply systems pose the greatest risk of water leaks. However, the majority of homeowners didn’t know this. Close to half (49%) thought the water heater was the most likely candidate for a water leak.
Mike Rosser is a Vice President at CCIG and leads the firm’s Private Client practice. Reach him at Mike.Rosser@thinkccig.com or 720-212-2068.
CCIG is a Denver-area insurance, employee benefits and surety brokerage with clients nationwide. We do more than make sure you have the right policy. We help you manage your long-term cost of insurance with our risk and claims management expertise and a commitment to service excellence.