03 Apr The Rise of Water Claims
The biggest threat for a homeowner is not a hurricane or a fire, but instead something else lurking inside your home … WATER DAMAGE! Water claims are up 46% in the last 5 years according to the Insurance Journal. A large portion of claims that come out of the state of Florida is water loss claims, and the rate of these claims keep dramatically rising. Insurance policies are very specific about the kinds and the types of water damage that is offered on your policy. Do you know that if your home is over 40 years old, water damage is almost always excluded on your homeowner’s policy, now most companies do offer you a buyback option for limited water damage but this is only $10,000 in coverage! Also, a standard policy normally refers to water damage as a sudden and accidental loss, meaning that a pipe that has been leaking for 6 months may not be covered.
Check out some of these simple issues that cost these homeowners BIG!
Crazy, isn’t it?
These are just a few of hundreds of claims that we’ve seen caused by the overtightening of these components with tools. It is absolutely a concern and one we are thankful can be observed by noting tool marks prior to catastrophic losses such as these. I hope that this helps to illustrate that this is not being “nit-picky” at all, but rather a salient concern that will result in failure if not remedied. We have already replaced several of these couplers that were observed cracked and actively leaking during the Home Checkup, likely saving our insureds months of repairs and loss of their personal property. Want to read more? Check out Tower Hill’s blog post here