Though natural disaster in the U.S., such as storms and hurricanes, take the number one spot in water damage to homes and buildings, non-weather-related water damages take up a very close second. These damages can be very expensive to property owners, tenants or insurance companies. Ruptured pipes, dripping HVAC systems, leaking water heaters, seeping toilets and trickling rooftop irrigation systems can cause massive damage—including mold, deterioration, and structural—to the buildings if not checked regularly or prevented altogether.
According to an analysis of insurance carrier data loss by CoreLogic1, one in 15 insured homes in the U.S. will experience a non-weather-related water claim during the standard five-year policy life expectancy. These claims make up about 20% of all property insurance losses in the U.S. and, together, personal and commercial non-weather water claims cost insurers over $16 billion annually.
- How can facility managers be notified immediately and proactively to avoid potential disastrous situations that can happen after office hours, over the weekends or during the holidays?
- How can insurers reduce their exposure to non-weather related water damage costs by underwriting and pricing policies for residential and commercial buildings?
- How can tenants avoid potential revenue loss and loss of productive time due to water damages causing downtime in operations or loss of critical equipment or data loss?
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