Water Damage Claims Continue to Drive Non-CAT Property Losses. How Water Damage Prevention Programs Can Help
White Paper Summary
When a building suffers water damage, many would think a heavy rain or hurricane was the primary cause.
But not all water damage is due to major storms. In fact, about 75% of all real estate water damage losses are caused by the accidental discharge of plumbing, HVAC systems and appliances, the Hartford reports.
These losses aren’t just limited to claims for structural damage. Loss of income, the expense to rebuild and the cost of relocating residents during any building repairs can all add up. Certain industries and types of buildings face higher risks than others. Health care and hospitality structures are just two examples.
These costs can be reduced, however, if a commercial property owner employs a water mitigation plan, especially one that uses Internet of Things (IoT) technology. Water sensors, shut-off valves and other tools can detect when a leak occurs, enabling someone to step in and assess — or maybe even prevent — the damage.
“It’s important to take proactive measures to avoid water damage through a water damage prevention program,” said Caleb Woodby, large property underwriting officer at The Hartford. “It really helps to mitigate the loss.”
To learn more about The Hartford, please visit their website.