Most recently, the majority of home insurance claims are caused by a water loss.
As insurance agents, we don’t pretend to be experts on construction, and especially not plumbing. However, we do know that there are some key measures that can be taken to help decrease the chances of a plumbing loss.
See also: Insurance Exposures for Rental Property
Causes of Plumbing Loss:
A high percentage of plumbing losses are due to pipe leaks or breaks. There are a number of different factors that can cause a pipe to break, from the chemistry of the water corroding the pipes walls, to water velocity through the pipe, to materials that have reached the end of their useable life span.
One of the main causes that we see in claim reports are homes that have water pressure at levels above the recommended standard. Most homes are recommended to have a water pressure around the 70 psi range, and sometimes lower.
Water Loss Precautions:
An easy precaution to ensure that your pressure regulator is operating properly is to measure the pressure from the water supply main to the home. The function of a water pressure regulator is to reduce the water pressure to a safe level before it enters the house. If you decide to measure your water pressure, we recommended that you use a licensed plumber.
By ensuring that your water pressure is within the recommended levels, you are taking initiative to help prevent future water losses.
If you experience a water loss, please take the following steps:
- Shut off the water at the main immediately.
- Call a licensed plumber to investigate the problem.
- Contact your insurance agent right away to establish a claim (most carriers will deny a water claim that is not filed within 14 days).
- If you choose to file a claim, utilize a contractor on the carrier’s recommended vendor list. This will reduce the possibility of a cost dispute between the carrier and the vendor and also sometimes comes with a workmanship guarantee.
Water loss is a common home insurance claim. Protect your home from water loss by taking precautions. Inspect your pressure regulator and pipes to ensure your home is safe from plumbing loss.