Protecting your home against water damage
February 28, 2020
Water damage can occur anywhere in your home, at any time of year. In fact, according to the Insurance Information Institute, the most common way water damage occurs in the home is through things like burst pipes and broken appliances. Disclosure 1
Consider all the places where you can access water in your home—the kitchen, bathrooms, laundry room, water heater closet, wet bar, etc. Connecting your water supply to each of those areas is a maze of pipes under your floors and in your home’s walls. Wherever there’s water, there’s also potential for water damage.
According to Home Advisor, the average homeowner spends between $1,127 and $4,561 to restore or repair water damage, with an average of $2,760. Disclosure 2 Fortunately, new “smart” technology now exists to mitigate the risk of water damage to your home. The key to preventing water damage in your home is to put systems in place to stop any uncontrolled water flow before the damage becomes catastrophic.
Several automatic water shut-off systems are now available on the market today that can connect directly to your home’s Wi-Fi and also offer a smartphone app, which means you can receive alerts instantly if a water leak is detected.
How it works
A plumber installs a water shut-off valve with built-in sensors on your home’s main water supply to monitor water usage and detect leaks. This technology has the ability to measure water flow, pressure and temperature to “learn” how your household uses water and detect even small drip leaks. If a leak is detected, it will automatically shut off the water to minimize damage—and send an alert to your smartphone if you have the app installed.
Saving you money
With an automatic water shut-off valve, you can protect your home from virtually any size plumbing leak. Plus, many insurance companies offer homeowners insurance discounts if you have one of these smart shut-off valves installed. If you have an automatic water shut-off valve currently in your home, or if you’re considering one, contact your McGriff agent to see how we can help you save money on your homeowners insurance.
Insurance Information Institute, “Water Damage Is Costing Homeowners Billions; Could IOT Help?” http://www.iii.org/insuranceindustryblog/tag/non-weather-water-damage/(opens in a new tab)
Home Advisor, “How Much Does It Cost to Repair and Clean Up Water Damage?” https://www.homeadvisor.com/cost/disaster-recovery/repair-water-damage/(opens in a new tab)
Insurance products and services offered through McGriff Insurance Services, Inc., a subsidiary of Truist Insurance Holdings, Inc., are not a deposit, not FDIC insured, not guaranteed by a bank, not insured by any federal government agency and may go down in value.
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