Did you know that the second most common claims reported to homeowners insurance carriers are related to water damage? These types of claims are becoming more common and according to The American Insurance Association, the average cost of a water leak repair can add up to over $20,000. These types of claims result in over $10 billion in property losses. Most water damage claims stem from freezing pipes or plumbing failure specifically from dishwashers, ice makers, water heaters, toilets, sinks, water heaters, showers and tubs. In the event of a water claim, find the source and stop the leak first, then call your insurance agent promptly and hire a water mitigation company to prevent further damage to your home.
Thankfully, there are great products designed to mitigate the damage due to water leaks in your home. Automatic shut off valves, such as the WaterCop System, can be installed in your home to detect a leak and shut off the water supply immediately. These control valves are commonly installed by a licensed plumber or contractor.
Also available are water leak alarms/sensors that work much like smoke detectors. When installed, an alarm will sound that there is a leak at that location. These can be installed anywhere in your home and found at most home improvement stores with no need for a professional to install.
If a water damage detection feature is installed, be sure to ask your agent about possible discounts to your homeowners insurance. Or call one of our knowledgeable agents at McKay Insurance with all of your insurance questions. 843-881-2229.
Post courtesy of McKay Insurance
