Going out of Town?

You may want to add THIS to your pre-travel checklist to keep your home protected.

When you head out of town on vacation, you probably take several steps to make sure your home isn’t broken into while you’re away, from leaving lights on to pausing your newspaper delivery.

But did you know that your home is at a greater risk of damage from water leaks than fire and theft when you’re away? According to property and casualty insurance company Chubb, the time between when a leak occurs and when it is discovered is the single greatest factor in determining the amount of damage, making leaks that occur while you’re away much more damaging in terms of both cost and severity.

The time between when a leak occurs and when it is discovered is the single greatest factor in determining the amount of damage.

Chubb, Insurance Company

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. A study from Chubb finds that, 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.   

While there are a number of steps homeowners can take to mitigate the risk, Chubb recommends that when they go through their pre-departure process of locking doors and windows, identifying a neighbor to keep an eye on their home, and ensuring some lights are left on, that homeowners also add shutting off the water main to the checklist.

Additional findings from the survey include:

– 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.

– 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).

2 thoughts on “Going out of Town?

  1. Long time supporter, and thought I’d drop a comment.

    Your wordpress site is very sleek – hope you don’t mind me asking what theme you’re using?
    (and don’t mind if I steal it? :P)

    I just launched my site –also built in wordpress like yours–
    but the theme slows (!) the site down quite a bit.

    In case you have a minute, you can find it by searching for “royal cbd”
    on Google (would appreciate any feedback) – it’s still in the
    works.

    Keep up the good work– and hope you all take care of yourself during the coronavirus scare!

    Like

    1. I tried to find the name of the theme, but couldn’t. If you know where it’s listed on the site let me know. I’m glad to share it with you. Thanks for reading and keep safe!

      Like

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s