Water damage is the number one claim cited on property policies in the U.S. Water can quickly invade buildings and compromise the integrity of your home, vacation getaway, or business. It can also damage the valuable assets you’ve worked hard to acquire. Assessing and trying to control damage as much as you can result in fewer disruptions of your home, business or vacations.
Sneaky Leaks Can Do Major Damage
When most of us think of damage from water, , we imagine weather calamities such as hurricanes and tropical storms. But there’s another more insidious form of water damage that can severely damage your property and possessions. Slow leaks, if left undetected, can result in major damage and is the leading cause of insurance claims today. A ruptured pipe, failing water heater, or damaged downspout can allow water inside your home without you knowing it. By the time the leak is discovered, the damage is done—and you’re looking at a major claim. In recent years, we at Magis Insurance Group have guided clients through damage that was in the hundreds of thousands of dollars because water that escapes from pipes or appliances runs down to the lowest spot. So, it can affect major areas of wallboard, flooring, contents, carpets and more before it is discovered.
Detect Minor Leaks before They Become Major Claims
As your property ages, so does its plumbing infrastructure. Appliances, pipes, and drainage systems become more prone to failure. And if you have multiple properties, the potential damage can be severe. A small leak may not be discovered for days or weeks, allowing potential damage to mount. Sometimes lack of use, and extremely hot or cold temperatures can result in malfunction.
Fortunately, technology has provided a remedy. New flow-based leak detection devices are able to detect even minor leaks, alerting you to their presence before they become a big problem. And in the event of a major leak or rupture, these systems can shut off water flow to the affected area to minimize property damage and conserve water.
Why Invest in Leak Prevention Technology?
Do you own multiple properties? Do you own vacation properties that stand unoccupied offseason? If you answered yes to either of these questions, flow-based leak detection may provide the protection you need. Even if you are just away for a day at the office, a failed toilet seal can result in the water running all day as the tank keeps filling and can cause ceilings to collapse and contents destroyed. Like a burglar alarm, leak detection technology keeps watch over your property, even when you’re not around. And if a leak is detected,
Insurers are not only aware of flow-based leak detection, they are actively promoting it use as the system is designed to shut the water off and/or alert you or your alarm company depending on the design. More and more insurers are aware of and offer significant discounts to clients who use flow-based leak detection, while others are even paying to have such devices installed in properties with a prior history of flooding. The private client companies are also giving credits from 2% to 10% when a client installs a device depending on if it is linked to the clients’ regular alarm system.
Major leak detection technology providers include…
Most of these devices can be seamlessly installed within your home, vacation spot, or business—integrating directly with your existing security system. Looking to decrease your insurance premiums while maintaining the coverage you need? Ask an educated insurance advisor or agent about home and business property policies and how you can better protect your property from damage and potentially lower your premiums by installing flow-based leak detection in your home or business.
At MAGIS, we understand that you’ve worked hard to build the life you have today. Why risk it to water damage? Our skilled professional agents work with owners of high-value properties daily to help reduce vulnerability. We can help develop an accurate risk profile for your property, and can tailor aninsurance programto your precise needs. Contact us today, and make MAGIS your best ally against risk.
