According to Forbes, the average water damage restoration cost is between $1,304 and $5,514. To prevent these claims, we encourage anyone who wants to prevent water damage, reduce repair costs, and protect their property from leaks to use leak detectors or sensors.
Leak detectors are an affordable option that will alert you to leaks before substantial damage is done.
If an association has a history of water damage claims the annual premium for the Condominium’s master insurance policy will increase. Unfortunately, that means that condominium dues then must increase to cover the costs.
Insurance carriers review frequency and severity when determining insurability. “Frequency” is how often similar claims occur, while “Severity” refers to large single claims.
An early warning system (such as these alarms) can have a positive impact on both frequency and severity. Over time this will also have a positive impact on your loss history and therefore insurance premiums.
If each unit owner installs alarms in the following areas, then the risk of future claims could drastically reduce. Over time, this can result in better insurance rates which would result in lower assessments.
Homeowners can use leak detectors to monitor their plumbing systems, HVAC units, and appliances for leaks that could cause damage to their property. Certain leak detectors can even qualify you for discounts on your homeowners premium.
Business owners can use leak detectors to monitor their facilities for leaks that could cause damage to their equipment, inventory, and property. Certain devices can qualify you for discounts on your business owners policy premium.
Water detection devices should be installed anywhere that has a high risk of water damage. For example:
*Sahouri does not endorse the products above. The links provided are to make your risk prevention easier. To find out which devices may qualify you for discounts, please reach out to your Insurance Advocate.