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



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

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

Further findings of the report embrace:

  • Comparatively few owners are taking fundamental preventive measures. Solely 17% of house owners stated they’ve a water sensor of their properties. Compared, 84% have smoke detectors, 51% have fireplace alarms, 48% have safety cameras and 34% have burglar alarms.
  • Greater net-worth owners are extra prepared to spend money on preventive measures. Nevertheless, solely 22% of house owners with incomes of higher than $100,000 have water sensors of their properties.
  • Prevention expertise training is required. Practically 70% of house owners aren’t conversant in water sensors and 61% have by no means heard of a water shut-off gadget.
  • Owners want threat mitigation motivation. The highest three causes that owners stated would make them extra prone to set up a water sensor or shut-off gadget are: 1) receiving a reduction (45%), 2) studying that set up was simple (31%) or 3) acquiring a suggestion from knowledgeable (28%).

“Water is invasive, and there are some issues even the easiest insurance coverage protection can’t change. In terms of water, the most effective safety is threat prevention and it’s extra vital than ever. More and more, proactive owners are discussing water with their unbiased insurance coverage brokers to deploy preventative measures and cut back publicity to water harm,” stated Daniel Halsey, president of Private Traces at The Hanover, in an announcement.

“Our Residence Water Harm Prevention Report factors to a possibility for owners to achieve out to their insurance coverage agent for counsel and perception relative to the dangers concerned and the expertise accessible to mitigate these dangers,” Halsey added.

Methodology

This survey was performed 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 owners. For this examine, the pattern knowledge is correct to inside +/- 2.8 share factors utilizing a 95% confidence stage. The complete outcomes from the 2023 Residence Water Harm Prevention Report could be discovered on The Hanover’s web site.

Supply: The Hanover Insurance coverage Group Inc.

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