The main causes of water damage in residential homes
“Appliance and plumbing failures are a leading cause of household water damage, which is far more common than you may think. Homeowners are six times more likely to suffer property losses from water than from theft and seven times more likely than from fire, says Kelly Greene, a risk consulting manager from Chubb Personal Insurance who led a session on property damage at the Financial Planning Association NorCal conference in May. (“Water damage” is different from flooding, which is rising water that affects two or more properties.)
“When you ask people (if they’ve had water damage), if they haven’t, chances are they know someone who has — a friend or family member or neighbor,” Greene says.
Water damage accounts for $1 billion in insured losses annually for homeowners and renters, with claims averaging more than $10,000 each, Worter says.”
Read more about this story here.
Note that the article states that water damage is different from flooding. That’s important because if the problem is due to faulty plumbing versus a natural disaster, insurance might not cover the damage. Considering that the average claim is greater than $10,000, it’s no wonder why these insurance agencies are so particular when comes to property losses.
At Bauer Restoration, our goal is to make the best of an awful situation. Our team of professionals will clean the affected area as well as repair and rebuild existing structures. Call us at 507-333-9838 or visit our water damage page for more information.