We created Leak 101 to educate you about water damage due to leaks, the many ways in which leaks occur, and the extent to which—without a proper detection & protection system in place—leaks can quickly become catastrophic.
Some of the more common sources of water leaks include:
- Pipes bursting due to freezing, etc.
- Water Heaters
- Washing Machines
- Refrigerators with Ice Makers
- Overflowing Toilets
- Overflowing Bathtubs
- Overflowing Sinks
- Well Water Expansion Tanks
And now, some truly astounding Water Leak Statistics*
- The Number ONE source of property damage is non-weather-related water losses, i.e. leaks.
- Fire and theft combined account for only 20% of Homeowner insurance claims.
- Water damage from leaks, alone accounts for 50% of all Homeowner claims.
- Every minute, five North American homes flood – over 2.6 million homes a year.
- The average time that a family is displaced from their home following a leak event is three months.
- You’re twice as likely to suffer a loss due to a water leak if you’ve already experienced one.
- 93% of all in-home catastrophic water claims are preventable.
- 45% of all interior property damage is caused by water – more than fire or burglary. Yet, LESS than 20% of homeowners say that they’ve implemented even ONE form of water risk mitigation.
- One burst pipe can unleash 20 gallons of water per minute – or 28,000 gallons per day. If this occurs while you’re on a well-deserved, 5 (+) day vacation or business trip, your home or office could have a 140,000 (+) gallon flood.
- The average payout for an interior water damage claim is $65,000.
- Manufacturers increasingly use less expensive materials such as thinner rubber hosing and plastic piping—instead of more expensive, longer-lasting brass, copper, or galvanized steel. Planned obsolescence virtually ensures MORE catastrophic water damage and losses.
- 9 out of 10 homeowners say they are “confident” of being able to handle maintenance issues and check plumbing and equipment to prevent possible water damage. However, expressing confidence in one’s ability rarely translates to action when protecting your most valuable asset.
- Surprisingly, only 9% of homeowners surveyed have installed some form of water leak detection.
Sources: Chubb Insurance, Farmers Insurance, etc.