5 Simple Tips to Save on Water Damage Insurance
Water damage accounts for $1 billion in insured losses annually for homeowners and renters. It is far more common than you think. Actually, homeowners are six times more likely to suffer property losses from water than from theft and seven times more likely than from fire – this is a crazy statistic, not to mention expensive. The tips below will teach you how to prevent water damage in your home and save big money on insurance.
1. Never run water appliances overnight or when you are not home.
Unless you want to be received by a flood, always shut your water entirely when you are on vacation. Do not let it run overnight, too. A burst hose can pump 600 gallons of water an hour into your home and easily cause plenty of damage.
2. Locate the main shut-off valve.
In an emergency, the last thing you want is to search for your main water supply shut-off valve. Every adult and older child should know where it is and how to turn it off. This is a safety measure that you should not undermine. Often, the shut-off is near the water meter or where the main water line enters the home. Appliances that use water also have their own shut-off valve like a dishwasher or toilet. It helps to locate these ahead, too.
3. Regularly check your supply lines.
Leaks are costly, especially if it takes awhile to detect them. As a part of routine home maintenance, check your supply lines and look for leaks in your sink, toilet, dishwasher, washing machine, and other appliances. Using braided metal hoses is much better than rubber, too. They are more durable and are cheap to buy and install. You can even do it yourself. Just remember to shut off the water and unplug the appliance first.
4. Do not neglect home maintenance.
Plenty of home insurance claims could have been avoided if only more people were staying on top of home maintenance. Every now and again, check your gutters and downspouts, inspect your roof for missing shingles and other damages, prevent ice dams, and replace any crack caulk or sealant. If you catch problems early, it will be pain-free to fix them; going the other way around leads to headache and expensive claims.
5. Consider installing alerts.
It can be wise to invest in leak detectors to monitor your water usage for anomalies. Some even connect with smart home systems and send alerts on your phone. This can be costly though. If you prefer a cheaper alternative, basic sensors can be purchased from hardware stores and you can place them near appliances that use water. Having some sort of alarm is always helpful to alert you in case of any problem.
Water damage should be taken seriously. Follow these tips to keep your home safe and save more on your home insurance.