Water may be essential to life, but it can quickly become a destructive force inside of our homes. Homeowners across the country face the daunting reality of water damage each day. Whether it’s from burst pipes, roof leaks, flooding, or appliance malfunction, it pays to understand the financial (and structural) implications of how a single drop can quickly devolve into a disaster.
The true cost of water damage extends well beyond replacing a burst pipe. You potentially face replacement of everything from your drywall to flooring to furniture and more. That doesn’t even begin to consider the cost of mold remediation for leaks left unnoticed for extended periods.
Alarmingly, many people don’t even notice a water intrusion issue until it’s too late. If you live in a home with a basement, in particular, you are at a greater risk of damage to your home’s foundation. Unmanaged exterior water sources, such as poor landscape grading or clogged gutters, can lead to cracks, bowing, soil erosion, and mold and mildew. Similarly, water leakage from a damaged roof can cause issues that may go undetected until it’s time to get your insurance company involved.
Luxury homeowners insurance covers a variety of concerns, including sudden and accidental water damage. However, gradual leaks, external flooding, and negligence may be excluded. And while Cross Private Client Insurance is here to help you through the process, a water damage claim can put your future coverage at risk. But there are simple steps you can take to proactively protect your property.
We live in the age of smart technology, and protecting your home has never been easier. Water sensors are an affordable and effective way to waylay water intrusion issues before they become a catastrophic claim. Many are battery-powered and connect easily to your home’s Wi-Fi to send instant updates directly to your phone. By detecting moisture early, you can address leaks promptly so that you can take measures to prevent a problem. From moisture detection to emergency water shut off systems, there’s a sensor for every home. If you need more information, your Cross Private Client Insurance office can help.
Protecting your home and its assets has never been easier. By understanding the potential problems you face to implementing smart and affordable technology that helps you catch concerns early, you can potentially reduce claims, keep your assets intact, and prevent unnecessarily premium price hikes.
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This article is for general informational purposes only and is not to be relied upon or used for any particular purpose. Cross Insurance shall not be held responsible in any way for, and specifically disclaims any liability arising out of or in any way connected to, reliance on or use of any of the information contained in this article. The information contained or referenced in this article is not intended to constitute and should not be considered legal, insurance, accounting or other professional advice, nor shall it serve as a substitute for the recipient obtaining such advice. The views expressed in this article are that of its author and do not necessarily represent the views of Cross Financial Corp. and its subsidiaries and affiliates (“Cross Insurance”) or Cross Insurance’s management or shareholders.