When property owners think of water damage, weather-related causes such as storms or flooding usually come to mind, and they take necessary measures to mitigate these risks.Property
However, many tend to neglect another cause of water damage – defective plumbing – which could lead to major exposures and losses.
According to Lisa Lindsay, executive director of the Private Risk Management Association (PRMA), one in five homeowners in North America will experience some type of water damage each year, and the most common causes of loss are from are from plumbing devices such as water heaters, washing machines, ice makers, dishwashers, toilets – basically anything connected to a water source.
“Given the number of devices that come into play in the average modern household, it is essential to have a well-maintained and regularly inspected plumbing system,” Lindsay told Corporate Risk and Insurance. “Homeowners happily pay for a comprehensive home inspection before purchasing a home and should adopt that inspection mindset with regularity for many years after they first move in.”