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While hurricanes and wildfires are prevalent in the news and social media, damage from non-weather events like plumbing and appliance failure account for more than 50% all of all homeowners insurance claims. These leaks are not only a threat to your home, but to your wallet as well.
While burglar and fire alarm systems are customary, few homeowners have installed a water leak detection system. Though statistics show that they are 12 times more likely to have a water leak than a fire or theft.
There are three types of leak-detection systems you can use in your home:
Most likely, your home equates to approximately 50% of your assets and is your sanctuary. In addition to installing a water leak detection system, Here are some steps you can take to avoid freezing pipes and accidental water discharge from water supply lines, appliances and
for fire suppression systems (interior sprinklers.)
If your home will be vacant for an extended period of time, winterize it:
Your home may be equipped with a fire suppression sprinkler system or turning off the water supply may not be an option. Even if your home isn’t vacant for an extended period, sprinkler systems can fail. Pipes can burst or fail during a one week vacation. Here are some statistics from Chubb regarding leaks:
Please consult with your Risk Advisor to review the water defense options that are right for your home. In addition to preventing a loss, many insurance companies now offer additional premium savings for having a leak-detection system.
Joe Young is the Private Client Leader for Florida, he can be reached at firstname.lastname@example.org. Ted Karlunas is a Sr. Private Client Advisor based out of our New York and Radnor PA offices and he can be reached at email@example.com