When it comes to homeowners insurance claims, water damage from a plumbing leak is six times more likely to occur than fire, and seven times more likely than theft, according to AIG. And for the homeowner, the emotional toll can be as traumatic as the financial cost.
Here are a few real-life examples:
- Water from a leaking air-conditioning unit saturates nearby drywall and damages a painting hung on the wall.
- A wedding celebration must be relocated after a pipe in a third-story bathroom leaks throughout the first and second floors of the home.
- A frozen pipe ruptures in a vacant vacation home. Once it thaws, water runs continuously for several days, turning the basement into a swimming pool.
In addition to frustration and costly damage, these scenarios share a common theme: They could have been minimized significantly had the homeowners taken immediate action—or even avoided in the first place.
"Whole-house" water shut-off systems can detect or prevent water damage due to plumbing malfunctions or leaks. They are designed to respond when no one is home and often connect to a central security system. Homes can be equipped for holistic detection with point-of-use devices that can be applied directly to the supply lines of toilets, sinks, dishwashers, washing machines and more. Vendors such as Water Security Solutions can advise on appropriate devices for each homeowner's needs.
Big “I" Markets affluent homeowners partner AIG put together an updated list of leak-detection devices, which, when properly installed, can qualify your clients for a premium credit.
AIG's Private Client Program is available to Big "I" Markets agents in all states. To learn more , head over to Big "I" Markets and select Affluent Program-New Business from the drop-down menu.