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Tuesday, August 22 2017

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, a new Chubb survey revealed.

“The time between when a leak occurs and when it is discovered is the single greatest factor in determining the amount of damage,” said Fran O’Brien, division president of Chubb North America Personal Risk Services. “As a result, leaks that occur while you’re away result in greater amounts of damage, in terms of both cost and severity.”

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. Chubb’s new Homeowners’ Water Risk Survey measures homeowners’ attitudes toward home protection, the risks they’re most concerned about and what they are overlooking. The 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.

Posted by: AT 01:49 pm   |  Permalink   |  Email
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