Water damage is the costliest and most devastating claim customers deal with. It’s also one of the most common. But there are ways to prevent your risk of water damage, such as automatic water shut off devices and proactive home maintenance.
Many high-net-worth individuals assume water damage won’t affect them much. They assume their high-quality home will cause them fewer issues. Or, because they have insurance coverage, it’s not a concern.
But water damage can affect everyone, regardless of affluence or insurance coverage. When water damage occurs, customers underestimate how much it will impact their daily lives.
Instead of waiting for water damage to happen, take action today to prevent months-long headaches later.
Don't wait until it's too late: save yourself from expensive water damage repairs and keep your property safe and dry.
Water damage frequency is about 30% of all claims, costing $20 billion in damages every year.
Water damage cleanup can take many months. Customers are displaced from their homes for six months on average.
But those with a higher number of damaged custom features can see even longer wait times. The level of unique personalization, imported luxury materials, and required building code updates impact the time displaced.
Depending on the level of impact, water damage restoration can change drastically. If a water leak is not stopped and dried out within the first 24 hours, it can spread and lead to mold growth.
It’s also crucial to continue to evaluate your insurance policy. Make sure you are properly covered to reflect today’s costs for reconstruction and remediation. It is not uncommon for water damage to cause tens of thousands of dollars or even hundreds of thousands, due to a leak or pipe burst.
Read how one homeowner could’ve prevented over $110k in damage with a simple $8 fix.
These tips for preventing water damage will help you reduce your risks:
If you’re already seeing a leak, follow these steps fast:
Home water damage often occurs in a few common areas:
The bathroom is a common area for water leaks, especially the pipes under the sink and anywhere with poor caulking. Check the caulking around the toilet and shower, keep drains clear and unclogged, and prevent pipes from freezing with the tips above.
Check appliances that use plumbing, including the fridge, dishwasher, and washer. Ensure there aren’t any leaks and tighten hookups. Also, check the pipes and garbage disposal under the kitchen sink.
Ice makers are often a surprising cause of leaks from the kitchen and bar areas, but this happens more frequently than you would expect.
Air conditioning handlers inside the home can overflow due to the drainage pipe clogging. Clean out the drainage pipe with hot water twice a year for proper unit maintenance.
Maintain sump pumps and have a backup battery to prevent leaks. Have your device serviced as needed and hook up a backup battery to prevent water overflow in the event of a power outage.
Many customers put off getting an automatic water valve shut off because they think they are too costly.
So, are automatic water shut off valves worth it?
93% of all water leaks could be prevented from causing massive damage with an automatic water shut off valve.
An automatic shut off valve stops water from flowing through the main line when a water leak is detected. The device syncs with an app on your phone and alerts you to the leak. It also works if it detects unusual amounts of water consumption.
Stopping the flow of water when there is a leak helps reduce the amount of damage (and, therefore, repairs) significantly. It is the most effective way to prevent water leaks and damage.
These devices are easy to install and provide peace of mind. Vault can help you find a licensed professional to install your shut off valve.
Plus, most insurance policies offer a credit or policy discount for installing one.
When compared with the cost and stress of water damage, installing an automatic water shut off valve is a no-brainer.
Water damage coverage can be a bit confusing because it is separate from flood insurance.
If damage happens from within your home due to an accident, such as a pipe burst or a roof leak, your homeowners insurance policy will typically cover the water damage repairs.
But if the damage comes from something outside your home, such as a hurricane, which causes flooding, you will typically be responsible for repairing water damage unless you have flood insurance.
Every policy is different, though, and you should always check with your insurer to understand your coverage. If you live in an area prone to floods or bad storms, flood insurance is a smart choice to reduce your risks.
The Texas Winter Freeze caused massive damage throughout the state. Like many, John* wasn’t prepared.
In 2021, Winter Storm Uri blasted through Texas, bringing in cold weather, unlike anything the state had ever experienced.
Our customer, John, and his family lost power for days. Their pipes froze and burst, flooding from the ceiling and causing $101K of damages. All drywall and flooring had to be removed as infrared scanners showed immense water damage behind walls and under all floors. John and his family saved what they could put their belongings in storage, and left their home. It took more than six months to restore the water-damage home, which needed to be gutted, the mold remediated, and major areas rebuilt.
To prevent a repeat nightmare scenario, Vault installed a whole home water monitoring system that would detect water leaks.
When a cold front hit Texas again in 2022, John’s pipes once again burst. But this time, the automatic shut off valve saved his home by stopping the leak and shutting off the water. Only $3,500 in damages occurred, and John didn’t have to leave his home.
At Vault, we go above and beyond to make sure our customers have peace of mind and immediate attention to their water damage insurance claims – that’s the Vault difference.
When you file a claim, an adjustor will reach out to you within 2 hours and get the information they need to schedule services. On our end, the average time to some form of payment for your claim is 48 hours.
Request a quote and experience the Vault difference for our high-net-worth homes.
Related Products: Homeowners Insurance
Don't wait until it's too late: save yourself from expensive water damage repairs and keep your property safe and dry.
*names and some details have been changed to protect identity and for clarification.
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