According to a recent poll by the Hanover Insurance Group, most homeowners fail to consider the possibility of water damage that is not caused by the weather.
Even though a plumbing leak is seven times more likely to cause damage than a fire, just 17% of respondents responded that non-weather-related water damage was their primary concern. The less probable it is that a homeowner will need to submit a claim due to water damage, the cheaper their rates may be. The majority of Hanover’s survey’s house owners, 68%, had never heard of water sensors, and 61% had never heard of an automated water shutdown system, which can help reduce the likelihood of water damage.
Dan Halsey, president of Hanover’s personal lines division, has said that risk avoidance is now more critical than ever. According to the Home Water Damage Prevention Report, independent insurance agents can better serve their consumers by educating them on the technologies available to lessen the risk of water damage.
Natural catastrophes caused by climate change are increasing the cost of homeowner’s insurance to unaffordable levels and threaten to lower property values. Nearly 7 million properties have been affected by canceled policies, higher insurance prices, and property value degradation owing to the increased cost of ownership. High climatic risks drive insurance premiums and reduce coverage for another 39 million homes or 27.1% of all U.S. real estate.
Several major insurers have recently stopped serving customers in California, Florida, and Louisiana, including Allstate, AIG, Farmers, Nationwide, AAA Insurance, and State Farm. Homeowners finding it challenging to keep up with escalating costs may wish to look for a new insurance company offering reduced monthly premiums.
Routine inspections of plumbing fixtures and pipelines can avoid water damage and possible insurance claims. Water overflow and damage to the home’s foundation and walls can be reduced by keeping gutters and downspouts clear of debris.
To discover the greatest insurance rate for your case, you should seek numerous quotes from various insurance providers to compare pricing and what is and isn’t covered.