In 2015 water damage was the second most common homeowner claim for home insurance, second to weather related home damage. In fact, according to a recent article in the Insurance Journal, 53% of all claims are related to plumbing issuesburst pipes, leaky appliances and overflow issues of second story appliances and bathroom pipes.
According to HomeOwnerNet.com depending on where an appliance is located in the house, cleanup can average about $5,000. Damage from a burst water pipe can cost $5,000-$70,000 or more with an average insurance claim costing $15,000.
A water leak may appear to be a small issue, but if a pipe burst or major leak occurs with no one around it could be costly.
- Check your water bill. If unusually high you may have leaks of which you arent aware.
- Check periodically around sinks, toilets, dishwashers and refrigerators with ice makers and look for warped or discolored flooring.
If you find any corrosion or signs of water damage, call a qualified plumbing contractor as soon as possible. Dont let your money go down the drain.
