Owners Unprepared for Non-Climate-Associated Water Injury: Report

Owners lack preparedness for non-weather-related water harm, regardless that water harm ranks because the second most prevalent reason behind insurance coverage loss claims, in keeping with The Hanover Insurance coverage Group in a brand new report.

Regardless of being a number one trigger of householders’ claims, solely 17% of householders stated non-weather water harm is their greatest harm concern relating to their properties, stated The Hanover’s 2023 Residence Water Injury Prevention Report, which goals to boost consciousness in regards to the dangers of water harm from leaky pipes, home equipment and different family sources.

Extra findings of the report embrace:

• Comparatively few householders are taking primary preventive measures. Solely 17% of householders stated they’ve a water sensor of their properties. As compared, 84% have smoke detectors, 51% have hearth alarms, 48% have safety cameras and 34% have burglar alarms.
• Larger net-worth householders are extra keen to put money into preventive measures. Nonetheless, solely 22% of householders with incomes of larger than $100,000 have water sensors of their properties.
• Prevention know-how schooling is required. Practically 70% of householders are usually not aware of water sensors and 61% have by no means heard of a water shut-off system.
• Owners want danger mitigation motivation. The highest three causes that householders stated would make them extra prone to set up a water sensor or shut-off system are: 1) receiving a reduction (45%), 2) studying that set up was simple (31%) or 3) acquiring a advice from knowledgeable (28%).

“Water is invasive, and there are some issues even the perfect insurance coverage protection can’t substitute. On the subject of water, the very best safety is danger prevention and it’s extra crucial than ever. More and more, proactive householders are discussing water with their unbiased insurance coverage brokers to deploy preventative measures and scale back publicity to water harm,” stated Daniel Halsey, president of Private Strains at The Hanover, in a press release.

“Our Residence Water Injury Prevention Report factors to a chance for householders to achieve out to their insurance coverage agent for counsel and perception relative to the dangers concerned and the know-how obtainable to mitigate these dangers,” Halsey added.

Methodology

This survey was carried out on-line throughout the U.S. by The Harris Ballot on behalf of The Hanover from April 13-17, 2023 amongst 2,074 U.S. adults aged 18 and above, amongst whom 1,516 are householders. For this research, the pattern knowledge is correct to inside +/- 2.8 proportion factors utilizing a 95% confidence stage. The complete outcomes from the 2023 Residence Water Injury Prevention Report could be discovered on The Hanover’s web site.

Supply: The Hanover Insurance coverage Group Inc.

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