Water damage to homes can be insidious and cause tens of thousands of dollars in damage. What many clients don’t know is that if you have coverage through a premier insurer, you may have exclusive membership discounts available to help prevent water damage in your home.
According to research by Chubb, 45% of all interior home damage claims are caused by water damage. That’s more than both burglary and fire. Losses that exceed $500,000 have doubled and losses over $1M have tripled since 2015. To make matters worse, the average homeowner is out of their home for 3 months following a water loss.
What can you do to prevent or mitigate water damage in your home?
- Consult with a trusted insurance advisor. Insurance advisors can create comprehensive insurance programs with premier insurers. Many premier insurers like Chubb or Pure provide exclusive discounts and access to professional vendors to install water detection and shut-off devices. If you have already experienced a significant water loss, many premier insurers also provide up to $2,500 to help implement water damage solutions that work for you.
- Install a water detection or shut-off device. The majority of homes in America have smoke detectors, but only a small percentage of homeowners have water shutoff devices or sensors. These devices can help detect a problem before it becomes disastrous. Water device sensors can be installed to alert you on your smart phone when a leak is detected. shut-off devices can also be triggered and turn off the main water supply to your home. This helps prevent unattended water leaks, which can turn into multi-floor damage in a few days.
- Educate your family and domestic employees on where the main shut-off valve is in your home. Turn off the main valve when you will be away from your residence for an extended period of time.
- Know your flood risk. At Sterling Coverage, we provide complimentary risk assessments of your personalized flood risk. Even if you are in a low risk flood zone, you may still need flood coverage. (Low risk flood zones make up 20% of all flood claims.) Flood damage is not covered on a traditional homeowner’s policy. However, your insurance advisor can help determine what flood options are right for you.
Comprehensive coverage is vital after a loss, but understanding your prevention options before a loss is also important. Make sure to consult with a trusted insurance advisor to help protect your home and your family from a water loss.