The top claim reported by insurance companies year after year is from water damage. Water leaks can occur in roofs plumbing systems or aging appliances and can quickly build up in walls ceilings and flooring before it is detected.
Even though water damage is the most frequent claim type many homeowners do not understand exactly what types of damage are covered by their policy until they make a claim and have that claim denied. What will be covered depends on the type of policy you have and if you have any additional coverages such as sewer backup and overland water.Talk to your brokerabout your options to protect your home from water damage. Many insurance companies also offer discounts for mitigation efforts such as home water alarms.
Prevention is Best
Installing a home water alarm system can help you catch leaks early saving you the stress of losing valuable possessions filing a claim and making unplanned home repairs. Having a water alarm can also reduce your insurance premium because your overall likelihood of filing a claim may be reduced.
There are a wide range of water detection systems on the market ranging from small sensor systems to full-on tech-savvy solutions that will send you a text message if a leak or water buildup is detected. You can start your searchon Amazon.
If you are installing a system chat with yourinsurance brokerfirst to see what systems can bring you the most value for your premiums before you purchase. You can install some systems on your own but others will require hiring installation technicians which will also add to the overall cost. A mid-range system might deliver what you need and still provide a premium discount by your insurance company.
Water alarms are highly recommended forseasonal or vacation properties. For instance you might be paying an increased premium to insure a summer property because of the risk of water damage that can go undetected for months if you are not regularly at the property or have someone checking in on it. If you can demonstrate that you have a water alarm that will alert you even if you miles away it might help lower your insurance costs.
In fact water damage claims can be denied for your primary residence even if you have extensive coverage if you are away on vacation or a work trip and water damage occurs. Another great reason to look into a home water alarm and discuss theimpacts of vacationing on your home insurancewith your broker.
