From one of my partner insurer and friends at Cincinnati Insurance:
Water damage losses can happen in any season and every home has potential sources of water damage:
- Failure of water supply lines to appliances, sinks, wet bars or toilets
- Burst pipes due to age, freezing or disrepair
- Water heater failure
- Plumbing or appliance failure
- Overflow of plumbing fixtures
- Faulty construction
The process to restore your home after a water loss can easily take months. Worse than the inconvenience is the potential for damage to irreplaceable belongings such as photographs, artwork or keepsakes.
WATER LOSSES BY THE NUMBERS1
From 2014 to 2018, losses from water and frozen pipes were the third costliest type of loss, behind fire and liability.
- The average claim cost $10,182
- Water claims were the second most frequent cause of loss to homes, behind wind and hail
- About one in 50 insured homes has a property damage claim caused by water damage or frozen pipes each year