A recent insurance company study found that many homeowners see fire and theft as greater concerns than water damage, but the reality is, water leaks are a more frequent risk. Research shows that instances of water damage have been rising dramatically. In fact, the frequency of sudden pipe bursts has nearly doubled in the past 10 years.
A good way to mitigate water leaks is to have your home and plumbing inspected. Most homeowners haven’t done this since purchasing their home. Given the likelihood that the potential for plumbing leaks increase over time, that’s reason enough to have a trained inspector give your home the once over. Compared to the expense associated with a leak or burst pipe, a home inspection is a fairly low-cost way to spot trouble that may be hiding in your house.
According to research, even though they are much more likely to be vigilant about preventative maintenance, high-net-worth homeowners are less likely to see water damage as a top concern.
Given that nearly 60% of homeowners who experienced a water leak claim to have spent in excess of $5,000 on clean up and repairs, the cost of an inspection seems well worth it for this segment of homeowners. But, no matter what your income level, an ounce of prevention can go a long way toward mitigating water damage.