Device Could Reduce 93 Percent of Homeowner Water Damage Claims
Water caused $9.1 billion in annual homeowner policy property losses from 2007 to 2009 – approximately 23 percent of all homeowner property losses. But up to 93 percent, or almost $8.5 billion, of the cost of water damage could have been prevented or minimized if an automatic water leak detection and shut-off system had been present in the homes, according to an ACE Private Risk Services study of damage sustained by affluent homeowners.
An automatic water leak detection and shut-off system could prevent or greatly reduce water damage caused by leaking pipes, plumbing fixtures, hot water heaters, appliances and heating and cooling systems.
ACE estimates the average cost of repairs for water damage could exceed $20,000, compared to only $6,000 for damage related to roof leaks and other causes of loss that the system would not have prevented.
The study found that implementing the system can also help homeowners conserve water.
Source: ACE Group
- Anxiety Over Gas Prices Points to ‘Looming EV Comeback’ in US
- Don’t Sweat the Heatwave, El Niño Is Cooking up Some Raucous Weather for California
- First Atlantic Hurricane of 2026 to Threaten US Gulf Coast
- HSBC Executive Strikes Back in Court Fight Over Poaching Claims
- The Nation’s Insurance Laboratory: What Liability Trends in California Mean for the Rest of the Country
- Credit Acceptance Reaches $710M Predatory Auto Lending Settlement With Most States
- The Great Hemp Reset: How the Federal Ban on Intoxicating Hemp Products Will Reshape Risk and Coverage
- Londoners Find ‘Horrendous’ Cracks in Their Homes After Successive Heat Waves