3 Reasons Property Owners Need to Invest in Water Loss Prevention Products
Whether it’s a frozen pipe, an unattended leaking faucet, or a damaged main line—water damage wreaks havoc in homes and properties across the world every day.
For property owners, you likely have insurance to protect your assets from weather damage or intruders, but did you know that 60% of all property claims are actually water-related?
If you’ve experienced the headache of a water claim in the past—or if you’re becoming more aware of the risks associated with this type of damage—the time to act is now. There are three key reasons why all property owners need to invest in water loss prevention products, and I hope they’re all compelling enough to stir you to seek a better solution starting today:
Reason #1: Protecting Your Assets
Home ownership has long been a cultural symbol of the “American dream,” but it’s also a financial investment you likely calculated carefully. Between cash down payments, mortgages, and possibly even investment money from other supporters, your properties became important assets for you.
Just as you feel protective of your health and relationships, you also need to be a strong advocate for protecting your assets. You likely know the risk you took on when you invested in property, but many people underestimate the expense and frequency of water-related claims.
A simple leak in your water line to a refrigerator (paired with an ill-timed vacation or vacancy in a rental) can add up to tens of thousands of dollars in damage and reconstruction costs.
Protecting your assets from water damage is an essential part of your smart and defensive property ownership, and without a smart home device or proper detection system of water, you leave yourself openly at risk for these unexpected expenses.
Reason #2: Avoiding Expensive Claims
To put it frankly, insurance claims are incredible pains. No matter how minimal the damage seems on the surface, if you experience a leak or burst pipe, plumbing supply system failures cost an average of $5,092 per incident after the deductible was paid—for homeowners.
If you own or manage larger properties, such as an apartment building, golf club, or multiple rentals this number compounds with every one of the spaces you operate.
This is not to mention the resources insurance claims and damage drain from your business. Especially if you’re a lean business with only a few management employees taking care of multi-family homes or properties, you could lose weeks of working time and manpower to inspections, meetings, filing claims and repairs.
If a small investment in your property eliminates 90% of water loss claims, it’s a no-brainer that the up-front cost is absolutely worth the safety net for your business or investment.
Reason #3: DIY Doesn’t Do the Trick
You may have considered smart home devices as a solution to the above risks before, but chances are you’ve looked into DIY options that possibly don’t provide the protection you need to hit that magic number of preventing 90% of water-related claims.
The first issue with many water sensor systems on the market today is that false positive alerts can be rampant. If you’re away on vacation and you receive an alert on your phone that there is a water sensor going off in your home, do you contact a plumber for a pricey emergency visit? Ask a neighbor to break in a window? And if you own a single- or multi-family rental property, when do you alert residents of a possible leak or flood?
The risk of false positives and inability to turn off the water from abroad weigh heavily on your mind as a property owner.
To Sum It Up
As a smart investor, you know protecting your assets and choosing the best product for your water detection are key to minimizing your risk and avoiding water-related claims.
If you feel you’re ready for the next step in your risk management, please download our white paper to learn more about the benefits of a better smart home device with full functionality and scalable applications for multi-property managers: property water loss prevention.