The Biggest Culprit – Weather!
It is not a surprise that damage from weather events are the most common type of insurance claim. We are all aware that freezing pipes can burst, floods may happen, and that appliances can fail and leak. And both homes and businesses can fall victim to weather-related water damage. What is interesting is the following data. There is a relationship between the region of the country and the type of weather-related claim. If you live in the Mid-west and West sump pump backs or sewer failure, and hail lead in claim filings. The South experiences the most problems from hail – often with leaking roofs as a consequence. In the Northeast, the melting and weight of ice and snow pose a real threat to homes and businesses.
Washing Machines – Blessing or Curse?
The invention of the automatic washing machine must have like a miracle to those in charge of doing the wash -by hand! But your handy-dandy washing machine can cost you more than you think. The average cost of water damage caused by a failed washing machine is $12,308! Hoses fail after an average of 8.7 years, so keep your eye on those hoses!
One Inch of Water – $25,000???
The estimates from the insurance industry are that even an inch of water can cause water damage, with 1-4 inches averaging $7,800 a claim. FEMA goes even farther, stating on one of its posters that one inch of water can cost up to $25,000 worth of damage!
14,000 a day….
Imagine Madison Square Garden filled to 67% capacity. This would mean about 14,000 people. How does this figure relate to water damages? Insurance company statistics indicated that an average of 14,000 people a DAY in the United States experience water damage in their home or office.
Flood Loss in The Last Ten Years
As we all know, flooding can lead to severe damage to both structures and humans. But the figures associated with flood damage are more staggering than you might think – FEMA states that floods were responsible for losses totaling 2.4 billion dollars in the last ten years.
How Bad Can a 1/8 Inch Crack Be?
Very bad if it carries water. Seems like a tiny size for a crack, but a crack just this size can leak 250 gallons a day! As a basis for comparison, the average person uses 100 gallons of water a day.
My Basement – What is Going On Down There?
A staggering 98% of all the basements in this country will experience some water damage over its lifespan. The most common water damage causes in the basement are failed drainage systems either inside or outside the home, clogged gutters and downspouts, leaking pipes, or broken supply lines from appliances.
Counties Impacted by Floodwaters
If you had to guess, what is the percentage of counties across our nation that are impacted by floods? 50%? 75%? The correct answer – a full 99%.
Water Damage Claims
The average cost of water damage, according to insurance industry statistics, is $6,965. Frozen pipes, failed appliances, flood events, faulty plumbing – all these are common causes of water damage losses.
One Drip, Over Time, Can Become a Lot of Water!
Notice you faucets – do any of them seem to have a minor drip – no worries you think, such a tiny thing – a drip. But let’s look at the bigger picture. One drip every second can cause a loss of 3,000 gallons of water a year. It is like water going down the drain, isn’t it?