10 Jul Water Damage Statistics
If you’ve read our blog for any length of time, then you know that water damage is a serious business when it occurs. The common wisdom is that most homes will experience at least one major water damage event during their existence, but available evidence suggests that the problem may be more widespread than originally thought.
What water damage can do:
The average home loses 14% of the water delivered to it through leakage. Even more astounding, up to 22 gallons of water are lost daily due to leaks from dripping faucets or malfunctioning toilets. A 1/8 inch crack in a pipe can release up to 250 gallons of water per day. Some toilet leaks can account for up to an additional $500 a year in additional costs. Kinda makes you want to go and inspect your pipes, doesn’t it?
As odd as it may sound, recent improvements in water quality can contribute to the accelerated corrosion and failure of copper piping, with 90% of copper pinhole leaks occurring on horizontal runs of pipe.
Property damage due to water is the third largest cause of homeowner loss, with over $9 billion in losses reported between 2007 and 2009. This makes up a whopping 23 percent of all reported property loss. According to the American Insurance Association, water damage is the second most frequently filed claim for homeowners in the US.
If the preceding isn’t bad enough, studies have shown that up to 93 percent of these problems could have been averted if a detection and shut-off system had been present in the homes affected. Damage costs averaged $20,000 more than three times the amount required for homes where detection and prevention devices were installed.
Water damage is also the primary cause of rising homeowners insurance rate costs. The average water damage bill has increased from around $600 or so in the 1970’s to an average of more than $5000 today.
Some of the most damaging leaks are those that develop and grow slowly over a long period of time, as opposed to those that occur rapidly and without warning. The reason is that these slow growing problems have more time to set the stage for subsequent problems such as mold and mildew. All too often, once the problem has been detected, considerable damage has already been done.
Lack of early detection and response from the homeowner can result in loss of the ability to collect from your insurance provider. Water damage claims are frequently denied if the problem has existed for more than 24 hours, or if it can be traced to any sort of negligence on the part of the homeowner.
Almost 40% of all homeowners have reported loss due to water damage. If you have a basement, that figure jumps to 98%. Draw your own conclusions.
To help prevent water damage to your property there are some things that you need to do. This blog has plenty of tips to prevent this sort of damage. Start by reading this article on water damage prevention.
Your local EMERG-NC Clean Trust (IICRC) certified water restoration provider is available 24/7 to properly examine and diagnose your water issues. They offer same day service and can properly assess the problem and determine a course of action. Call today for an estimate or phone consultation.