Insurance companies are the best showers of water damage statistics. An insurance company can pay out over $13 billion for home and building water damage repair in one year. Remember to add other property that is not covered by the insurance company. Many homeowners overlook this type of risk.
Water damage is the number one risk likely to happen apart from fire and theft. Small water drips are also expensive.
EPA statistics show that most homes lose over 10,000 gallons of water through leaks. Minor leaks in the house can cost you 90 gallons of water. Fix up these leaks, and you will save up to 10% of the water bill.
Causes Of Water Damage
The daily routines are the main causes of water damage in America. Many people think that flood damage and storm damage are the biggest water risks.
Statistics with insurance companies show that most water damage is from leaks in roofs, toilets, sprinklers, and water heaters. Overflowing gutters, sump pump failure, and leaking of air conditioning units also cause water damage.
Weather is also another cause of water damage. Some weather incidents increase pressure on the water system, causing leakages.
Aging pipes are the main cause of leakage in most homes. Water infrastructure in most homes is the biggest problem. You are advised to upgrade your water pipes regularly.
Factors Contributing to Water Damage
1. Condo living: condos have water supply channeled into different homes. Most condos have high water use like washing machines and other personal activities. This is why you will find if one condo has a problem, the other homes will also be affected.
2. Basement suites: nowadays, people are replacing the unfinished basements with good water-dependent living spaces. Such units require enough water like a full house because it has a kitchen and bathroom. These basements need good plumping or else water damage can easily happen.
3. Changing lifestyle: with the current state of the economy, people are busier than before. Hence they do not give adequate time to the maintenance of water systems. A homeowner will try to repair a leakage when there is a pipe burst.
Water Damage Claims are Going Up
Most insurance companies say that the rate of claims on water damage is going up. This problem is getting worse with time, and quick actions must be taken to control it. Today there are more issues on water damage. Water damage is the second most obvious type of insurance claim. It follows wind and hail damage.
Water damage insurance is also becoming the most expensive type of insurance. It is expensive for both parties. The insurance company and the insured. Water damage insurance has the highest amount of premiums payable. While the insurance company can use over $1 million to pay out water damage claims.
This shows that water damage is a serious issue, and insurance companies are becoming unable to cover some type of damages. The insurance company may not cover you even when you can pay the premiums.
How Prepared are you for Water Damage?
Statistics show that most Americans are not prepared to deal with the water damage problem. Many people have a misconception about water damage, making them have a wrong attitude. A quick survey shows that 90% of homeowners believe they can do their maintenance. They say they can detect any potential damage in their homes.
Only a few people say they normally do routine water damage check-ups. Many people wait for the storm before preventing water damage in their homes. But homeowners do not trust weather reports saying they are exaggerated. Most people underestimate the extent of water damage on their property.
Do not ignore preventive maintenance because it can be expensive to repair water damage. For example, average water leakage can cost up to $55,000 to repair. Water leakage also leads to other problems like mold, which is expensive to remove.
Are Commercial Entities Affected by Water Damage?
Yes, commercial houses like hospitals and hotels also suffer from water damage. These also include real estate houses. Plumbing is the biggest cause of water damage in such properties. Bursting of pipes and poor plumbing skills have led to water damage in hotels and hospitals.
Leaking roofs and overflowing toilets are the biggest causes of water damage in hotels. In cold months the pipes can freeze, making them burst. Commercial water damage leads to business interruptions and is very expensive to repair.