How to handle water damage to your business

2/11/2021 (Permalink)

People often worry about fires damaging their homes and commercial buildings. While fires are dangerous and can cause extensive damage to property, they are rare compared to another element that is in the home or building every minute of every day: Water. 

Properties suffer water damage more frequently than they do other causes of loss. Water damage emergencies occur 14,000 times a day in American homes and businesses, according to insurance industry data.

In comparison, fires occur in fewer than 3,600 homes per day, and burglaries occur 8,200 times a day. The basements in 98% of U.S. homes will suffer water damage during their lifetime.

The average home water damage insurance claim is more than $7,000. Insured losses from water damage equal $2.5 billion per year, which does not include uninsured losses caused by floods and other naturally occurring waters. 

Those waters can cause immense damage to buildings and the property within them. Just one to four inches of water causes an average loss of $7,800. The average loss caused by a leaky water heater ranges from $3,600 to $5,800, depending on the source of the leak.

https://www.lmcins.com/blog/how-to-handle-water-damage-to-your-home-business

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