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While most homeowners are rightly concerned about fire, theft and how to safeguard their home, new data from Chubb shows that the majority of homeowners are overlooking the single most common property-related loss: water damage. In fact, in a survey of 1,200 homeowners, Chubb found that water leaks only ranked fourth on the list of top home-related concerns.
What’s more? Not only is water damage common, it’s also very costly. According to the Insurance Information Institute, the average cost of a single water damage claim runs close to $10,000. More concerning is that it is only getting more expensive, with Chubb claims data showing that losses over $500,000 have doubled and those over $1,000,000 have tripled since 2015.
So, what can you do about it? Start by understanding how water impacts your home year-round.
Water is all around us. But, the one place it shouldn’t be is inside your home. For tips on how to keep it out of your home, as well as the full results of our water risk survey, check out our water protection resource site.
Fran O’Brien is Division President, North America Personal Risk Services, Chubb.
The opinions and positions expressed are the authors’ own and not those of Chubb. The information and/ or data provided herein is for informational purposes only and is not a substitute for professional advice. Insurance coverage is subject to the language of the policies as issued.