August 9, 2018 by Staff
A new survey from Chubb reveals that most homeowners aren’t taking the necessary steps to protect their houses from water damage.
The insurer’s 2018 Homeowners’ Water Risk Survey found that only 19% of homeowners have installed a water shut-off device. Only 47% periodically check their appliance hoses and 41% conduct regular water heater maintenance (down from 52% and 51%, respectively, in 2017).
Sixty-four percent of homeowners said they had not changed their home-protection behaviours over the past year.
“In addition to implementing a number of do-it-yourself risk mitigation measures, or professionally installing a water shut-off device, it’s also critical that homeowners speak with their independent agent or broker to ensure they have sufficient levels of protection in the event of an internal water leak or a weather-related water intrusion,” said Fran O’Brien, division president of Chubb North America personal risk services.
During the summer months, 30% of homeowners leave water leak information with house sitters while on vacation, and 17% leave information on what to do in the event of a weather-related flood.
Only 21% reported installing pipe insulation to prevent pipes from bursting during the winter.
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This story was originally published by Canadian Insurance Top Broker.