Chubb Insurance Company, one of our partners, reports that 45% of all of the homeowner losses they see are caused by water damage, with failure of plumbing supply systems as the #1 cause. According to a recent survey by Chubb, most Americans don’t think about shutting off the water main when they go away on vacation. However, that one small action can save you from tremendous hassle and cost due to water damage. Since water damage accounts for more claims than fire and theft, it may be wise to take a minute and shut off the water before you leave.
To see how much you know about water damage – and how likely you’ll experience it – answer the questions below:
- Do you turn off the water main before leaving on vacation?
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- If you said yes, you are one of only 22% who do, despite the fact that 88% know where the water main is and how to turn it off.
- In what month does the most water damage occur?
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- If you said August, you were among only 8% of people who got the answer correct. Evidently, most people go away on late-summer vacations and forget (or don’t know) to turn off the water main.
- Have you installed a water leak detection device in your home?
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- If you have, you’re a step ahead of most – and well on your way to having a dry, comfortable home to come back to after vacation. Surprisingly, only 18% of those surveyed have installed a water leak detection device.
- Have you experienced a water leak claim in the last 2 years?
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- According to the Chubb survey, 91% of homeowners rate themselves “vigilant” or “doing an okay job” of preventive home maintenance. However, close to half have experienced a water leak in the last two years. Let’s hope your preventive maintenance works better than most.
- How much does a typical water leak claim cost?
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- Of the homeowners who have experienced a leak in the last two years, 57% spent $5,000 or more on cleanup and repairs, and 15% spent $20,000 or more. The cost of a water leak detection system is minimal comparatively.
- Have you ever had your appliances inspected?
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- If you have, that’s great. The surest way to prevent a water leak is to keep your appliances in good order – and inspect them periodically to make sure there are no issues.
- Which appliance is most likely to leak?
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- Plumbing supply systems post the greatest risk of water leaks. However, the majority of homeowners didn’t know this. Close to half (49%) thought the water heater was the most likely candidate for a water leak.
The Turner Agency, Inc. is a local Trusted Choice® independent insurance agency based in Greenville, South Carolina. Serving the Upstate of South Carolina and beyond since 1962, we offer a variety of personal and business coverage choices and can customize an insurance plan to meet your specialized needs for homes, automobiles, recreational vehicles, secondary homes, and your business. Contact The Turner Agency today.
