Insurance claims involving water leaks have been rising dramatically over the last 10 years. According to the Insurance Information Institute, nearly half of all property damage is from water. The odds of having a pipe suddenly burst has doubled in the last decade.
“The time between when a leak occurs and when it is discovered is the single greatest factor in determining the amount of damage,” said Fran O’Brien, division president of Chubb North America Personal Risk Services. “As a result, leaks that occur while you’re away result in greater amounts of damage, in terms of both cost and severity.”
O’Brien explains, “internal water leaks are a leading cause of property damage. With 57 percent of homeowners who have experienced a water leak claim in the past two years spending $5,000 or more on clean up and repair costs — and 15 percent spending $20,000 or more — many are overlooking their exposure at a significant cost.”
Additional findings from the Homeowners’ Water Risk Survey published in the Insurance Journal include:
• The majority of homeowners (63 percent) cite the threat of relocating for an extended period of time (between one month and a year) as their first or second most potentially concerning water damage-related event. With the window for a quick restoration closing just 72 hours after a leak, extended relocation is a real possibility homeowners must contend with.
• A quarter of all homeowners have never had their appliances inspected, despite being the surest way to prevent a leak from occurring.
• Many homeowners also cited the loss of irreplaceable items (59 percent) and repairing structural damage (46 percent) as the top most potentially concerning water damage-related events.
• The majority of homeowners are unfamiliar with the most common sources of internal water leaks, with close to half (49 percent) identifying the water heater as the most likely source (independent analyses indicate plumbing supply systems pose the greatest risk).
The Leak Doctor strives for quality performance with electronically generated reports, clearly written with all the details, available within 24 hours. Photographs taken before and after for documentation and communication with the adjuster while on the job site about the findings.
The Leak Doctor is proud to offer the least destructive solutions for all types of water leaks. This means Insurance Companies and Adjusters can save tons of money in repair costs!
