Skip to main content
InsurancePersonal InsuranceRestoration

Water Leak Risks

By February 19, 2020 July 13th, 2020 No Comments

The majority of homeowners do not view internal water leak damage as the most concerning home threat, despite the fact that water leaks are a more frequent risk than fire and theft, a Chubb survey revealed. The time between when a leak occurs and when it is discovered can be the single greatest factor in determining the amount of damage. Leaks that occur while you’re away, resulting in greater amounts of damage, in terms of both cost and severity. Here are some things to consider the next time you leave your home for an extended time period:

 

  • Nearly 80 percent of homeowners overlook the threat of costly water leaks while on vacation.
  • According to ISO/Verisk, about one in 50 insured homes has a property damage claim caused by water damage or freezing each year.
  • Just 8 percent of homeowners correctly identify August as the month with the most water leak events, and when subsequently heading out on a late-summer vacation, just 22 percent shut off the water main (despite 88 percent knowing where it is located within their home).
  • Only 18 percent of homeowners have installed a water leak detection device.

 

There are a number of steps homeowners can take to mitigate the risk. When going through the pre-departure process of locking doors and windows, identifying a neighbor to keep an eye on their home, and ensuring some lights are left on, homeowners should also add shutting off the water main to the checklist.

Source: Chubb