Water damage stands out as a major contributor to insurance claims, causing profound losses, often leading to significant repair expenses that may extend over several months. While furniture and homes are replaceable and can be repaired, water has the potential to devastate irreplaceable keepsakes, photographs, and family heirlooms.
According to The National Association of Insurance Commissioners, https://content.naic.org/ more than half of homeowners filing claims are also due to mold-related problems arising from flooding, leaks, or burst pipes, resulting in annual losses of around $13 billion for insurers.
Compounding the problem is the lack of awareness that the water damage incurred may not be covered by insurance policies. However, there is positive news – advancements in technology now allow for the integration of smart water valves into some security systems, enabling the monitoring of water usage and detection of leaks throughout a home. When unusual water activity is occurring or a leak is detected buy by a burst pipe, a leaking washing machine hose or a slow leak buried in the walls the system can alert homeowners and be set up to automatically shut off the main water valve.
Installing such a system not only provides peace of mind but may also contribute to reducing annual home insurance costs. It may be worthwhile to check with your insurance carrier for potential benefits. Taking these precautionary measures can potentially prevent a flood, safeguard valuable family possessions, and eliminate the need to temporarily move out during repairs.
