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You are here: Home / Finance / Homes / Review Your Home-Insurance Risks

Review Your Home-Insurance Risks

August 2, 2018 By Twila VanLeer

Review Your Home-Insurance Risks
Water damage is a more likely scenario than other emergencies that can cause damage.
Failure to update your home protection strategies could cost you as much as $10,000. A survey by Chubb recently found that although 90 percent of the included homeowners felt they were doing a good job of protecting their homes, some 64 percent had failed to update their home protection in the last year.

While most owners are concerned about fires, burglaries and other crises, they fail to realize that they can be damaged by water, the survey suggested. In fact, water damage is a more likely scenario than other emergencies that can cause damage.

About 20 percent of those queried said they install pipe insulation, and less than half check their appliance hoses regularly. Only 40 percent said they regularly maintain water heaters.

The best remedy is to talk with an insurance agent about the best coverage for your specific circumstances.

The average claim for water damage between 2012 and 2016 was nearly $10,000. That average includes some very devastating damage in some cases and makes it a very good
idea to assess your insurance coverage.

Most homeowner policies cover damage related to accidental overflow of water or steam from plumbing, heating and air conditioning as frozen pipes. Damage from a general flood is generally excluded unless you specifically pay for it. Knowing that your home is located in a recognized flood plain should be incentive for looking into specific protection.

To prevent water damage, be aware of where the main water valve in your home is located so if an emergency arises, you won’t waste time locating it. Turn off the main valve if you are leaving home to vacation or for other reasons.

Regular home inspections are wise and a safety check by a plumber every year could save money in the long run. Some insurance companies will give you a discount is you can show that you are taking these steps to protect your property. Technology is available to monitor plumbing for leaks.

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Filed Under: Homes, Insurance, Life, Saving Money

About Twila VanLeer

Journalist/writer for more than 50 years. Pulitzer Prize nominee, 1983 for coverage of the first permanent artificial heart. More than 50 national, regional, local awards for news writing. Main writer for a memorial book for Deseret News' 150 th anniversary and for a book recounting the 1997 re-enactment of the pioneer trek from Omaha to Salt Lake City. Co-writer and editor of "True Valor," a book on the history of the artificial heart. Author of the book, Life Is Just A Bowl Of Kumquats, a wonderful story of a house wife and her trials with raising a large family.

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