Water Damage Statistics
According to the American Insurance Association, “water damage claims have been growing faster than other components of homeowners insurance.” Rooted in a number of different situations, water damage can come from natural disasters, plumbing failure, and a range of other sources. Water damage insurance is a much debated, often confusing topic of first party property insurance. Homeowners often wonder how much coverage they may or may not receive in the event of serious damage from water.
Handling water damage in the home is typically costly and time-consuming and making sure that your homeowners insurance policy covers this type of damage is imperative. Most homeowners insurance policies will not cover flood damage; however, many do cover certain types of water damage. Being aware of the details of your insurance coverage is essential. In most cases, homeowners are unaware of their policy specifics when disaster strikes. At this time, it is often too late.
Therefore all homeowners and property owners must ensure that they are aware of their current coverage. Finally, those living in vulnerable areas in the United States may want to consider purchasing flood insurance from the National Flood Insurance Program (NFIP), which is a separate policy. If you or a loved one has experienced water damage and are fighting with your insurance company for compensation, the Arguello Law Firm is here to help.
To learn more about your legal options, please complete a Free Case Review form on this page today.
Water Damage Statistics
Water damage covers a broad range of potential loss. Homeowners understand that wear and tear will occur in any circumstance; however, there are a variety of unforeseen events that may trigger water damage. Natural disasters are often given the most blame for water damage, and they should, considering that the majority of damages due to water stem from some sort of outside environmental factor.
Nevertheless, water damage may come in a variety of forms. Understanding the sources of this type of damage is important to not only potentially preventing an incident, but more importantly, to understand where you stand in the eyes of your insurance provider. Water damage in homes most typically comes from the following causes:
- Frozen pipes
- Leaking pipes
- Leaky roof
- Broken washing machine hose
- Plumbing problems
- Insulations issues
The water damage statistics below will highlight the widespread nature of this issue. While many people do not view this as a common occurrence, water damage accounts for a significant number of homeowners insurance claims. The following are some of the most interesting water damage statistics:
- Almost 40 percent of all homeowners have said that they have experienced loss from water damage
- About 93 percent of all water damage can be prevented
- Water damage is the second most frequently filed insurance claim in the United States
- 250 gallons of water is released a day due to a 1/8-inch crack in a pipe
- About 20 percent of all insurance claims related to water damage of some kind
- Billions of dollars in property losses are spent each year as a direct result of water damages
Those homeowners with an understanding of the prospective damages associated with water are much more likely to stop problems before they become major issues. Hopefully these water damage statistics were able to shed some light on the vast complications that may arise from water in the home. If you or your family has experienced water damage and are looking to file a claim, contact the Arguello Law Firm for more information.
To get started today, simply fill out a Free Case Review form on this page.
Water Damage Insurance Coverage
First and foremost, homeowners must maintain an understanding of exactly what is and is not covered under their current insurance policy. Without this knowledge, homeowners will be left in shock when disaster strikes and they must pay for these damages out of pocket. Besides purchasing a flood policy for protection, you may be able to add coverage to your existing policy. These additions may cover things such as the following:
- Mold remediation
- Backup of drains or sewers
- Plumbing water damage
- Air conditioning damages
- Water heater damage
Homeowners must be astute in recognizing water damage as early as possible. When a sudden storm, plumbing issue, or sewer backup occurs, knowing what will be covered will ease stress and make the entire repair process much more fluid. To find out more, contact our Houston, TX office at your earliest convenience.
Contact an Experienced Property Insurance Attorney
the Arguello Law Firm has the expertise, experience and skills to make sure you receive every penny to which you are entitled. We are prepared to fight your insurance company to ensure that you receive the MAXIMUM compensation possible. Whether you have yet to file, have filed and been denied, or have filed and been underpaid, our first property insurance attorneys are prepared to protect your rights and your property today.
To learn more about how our insurance claim lawyers can guide you to the monetary awards that you deserve, contact us today at 1-800-25-STORM. Our experienced and skilled attorneys are standing by ready to speak with you about your case and your potential legal options.
Fill out a Free Case Review form above for more information.