Survey Finds Close to 80% of Homeowners Overlook Costly Water Leak Exposure When Heading Out on Vacation
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"The time between when a leak occurs and when it is discovered is the single greatest factor in determining the amount of damage," said
Instances of water damage have been rising dramatically. In the past 10 years, the frequency of sudden pipe bursts has nearly doubled. In 2015, water damage accounted for nearly half of all property damage, according to the
While homeowners are particularly vulnerable during the summer travel season, the study finds many face year-round water exposures. For instance, despite the fact that 91% of homeowners rate themselves as "vigilant" or "doing an okay job" at preventative home maintenance, and that close to half (45%) have or know someone who has experienced a water leak in the past two years, only 18% have installed a water leak detection device. Â
Of all homeowners, high-net-worth individuals are particularly at risk. When compared against other income segments, for instance, high-net-worth individuals are the most likely (55%) to report being "vigilant" about conducting preventative maintenance, yet are the least likely (26%) to rank internal water leaks as their top home-related concern. High-net-worth homeowners are also the income group least likely to periodically inspect appliance hoses (33% compared to 61% of middle class homeowners, the most of any income group), a frequent cause of internal water leaks.  Â
"The adoption of certain preventative home maintenance devices, including fire, carbon monoxide and security systems, is standard practice among the majority of all homeowners, regardless of income, as they address what are perceived to be the most common property risks," explained O'Brien. "But internal water leaks are a leading cause of property damage. With 57% of homeowners who have experienced a water leak claim in the past two years spending
While O'Brien says there are a number of steps homeowners can take to mitigate the risk, she recommends that when they go through their pre-departure process of locking doors and windows, identifying a neighbor to keep an eye on their home, and ensuring some lights are left on, that homeowners also add shutting off the water main to the checklist.
Additional findings from the survey include:
- The majority of homeowners (63%) cite the threat of relocating for an extended period of time (between one month and a year) as their first or second most potentially concerning water damage-related event. With the window for a quick restoration closing just 72 hours after a leak, extended relocation is a real possibility homeowners must contend with.
- A quarter of all homeowners have never had their appliances inspected, despite being the surest way to prevent a leak from occurring.
- Many homeowners also cited the loss of irreplaceable items (59%) and repairing structural damage (46%) as the top most potentially concerning water damage-related events.
- The majority of homeowners are unfamiliar with the most common sources of internal water leaks, with close to half (49%) identifying the water heater as the most likely source (independent analyses indicate plumbing supply systems pose the greatest risk).
About the Survey
About Chubb
Chubb is the world's largest publicly traded property and casualty insurance company. With operations in 54 countries, Chubb provides commercial and personal property and casualty insurance, personal accident and supplemental health insurance, reinsurance and life insurance to a diverse group of clients. As an underwriting company, we assess, assume and manage risk with insight and discipline. We service and pay our claims fairly and promptly. The company is also defined by its extensive product and service offerings, broad distribution capabilities, exceptional financial strength and local operations globally. Parent company
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SOURCE Chubb
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