Overlooking Mitigating Water Leak Risks, Water Damage in Cherry Hill NJ, Flood Damage in Cherry Hill NJ,

8/23/2017 (Permalink)

Overlooking Mitigating Water Leak Risks, Water Damage in Cherry Hill NJ, Flood Damage in Cherry Hill NJ,

Overlooking Mitigating Water Leak Risks, Water Damage in Cherry Hill NJ, Flood Damage in Cherry Hill NJ,

The majority of homeowners do not view internal water leak damage as the most concerning home threat, despite the fact that water leaks are a more frequent risk than fire and theft.

Nearly 80 percent of homeowners overlook threat of costly water leaks while on vacation, the survey found.

Instances of water damage have been rising dramatically. In the past 10 years, the frequency of sudden pipe bursts has nearly doubled. In 2015, water damage accounted for nearly half of all property damage, according to the Insurance Information Institute. An online survey of 1,200 homeowners finds that just 8 percent of homeowners correctly identify August as the month with the most water leak events, and when subsequently heading out on a late-summer vacation, just 22 percent shut off the water main (despite 88 percent knowing where it is located within their home).

While homeowners are particularly vulnerable during the summer travel season, the study finds many face year-round water exposures. For instance, despite the fact that 91 percent of homeowners rate themselves as “vigilant” or “doing an okay job” at preventative home maintenance, and that close to half (45 percent) have or know someone who has experienced a water leak in the past two years, only 18 percent have installed a water leak detection device.

Of all homeowners, high-net-worth individuals are particularly at risk. When compared against other income segments, for instance, high-net-worth individuals are the most likely (55 percent) to report being “vigilant” about conducting preventative maintenance, yet are the least likely (26 percent) to rank internal water leaks as their top home-related concern. High-net-worth homeowners are also the income group least likely to periodically inspect appliance hoses (33 percent compared to 61 percent of middle class homeowners, the most of any income group), a frequent cause of internal water leaks. The adoption of certain preventative home maintenance devices, including fire, carbon monoxide and security systems, is standard practice among the majority of all homeowners, regardless of income, as they address what are perceived to be the most common property risks, But internal water leaks are a leading cause of property damage. With 57 percent of homeowners who have experienced a water leak claim in the past two years spending $5,000 or more on clean up and repair costs — and 15 percent spending $20,000 or more — many are overlooking their exposure at a significant cost.

• The majority of homeowners (63 percent) cite the threat of relocating for an extended period of time (between one month and a year) as their first or second most potentially concerning water damage-related event. With the window for a quick restoration closing just 72 hours after a leak, extended relocation is a real possibility homeowners must contend with.
• A quarter of all homeowners have never had their appliances inspected, despite being the surest way to prevent a leak from occurring.
• Many homeowners also cited the loss of irreplaceable items (59 percent) and repairing structural damage (46 percent) as the top most potentially concerning water damage-related events.
• The majority of homeowners are unfamiliar with the most common sources of internal water leaks, with close to half (49 percent) identifying the water heater as the most likely source (independent analyses indicate plumbing supply systems pose the greatest risk)