Water damage is a big concern for homeowners because it can affect property value, insurance premiums and insurance claims, and overall home maintenance.
Here are 10 key statistics and facts the average homeowner in Florida should be aware of:
1 Out of 60 Homes Affected Annually: Approximately 1 out of every 60 insured homes in the U.S. files a water damage or freezing property damage claim each year.
$20 Billion in Damages: Water damage costs homeowners roughly $20 billion annually across the United States. On any given day, around 14,000 families experience water damage at home.
$11,000 Insurance Payouts: The average insurance payout for water damage claims is approximately $11,605, with claim severity reaching as high as $13,954. Because insurance gets more costly after claims are made, homeowners would be wise to do all they can to prevent water damage, and taking preventative action is also often a requirement for insurance payouts.
An Inch of Water Can Cause Up to $25K in Damage: Just 1 inch of standing water in a typical home can cause up to $25,000 worth of damage. The longer that water sits and is allowed to soak or seep into carpeting, sub flooring, and other structural components, the more likely it is that those components will get irreparably damaged and require replacement.
Home Value Reduced by 30+ Percent: Water damage can significantly lower property value, with estimates suggesting that homes affected by water damage can see value reductions ranging from 20% to 30%.
Lack of Preventative Measures Can Lead to Insurance Denials: A substantial percentage of water damage claims are denied or reduced by insurance companies due to lack of maintenance, failure to take preventative measures, or failure to disclose prior damage.
Basements are Prime Flood Spot: The leading causes of water damage in homes include plumbing failures, appliance malfunctions, and natural disasters. An estimated 8 out of 10 homes have experienced some form of basement water damage at least once. Thankfully, Florida is in the clear here, but the crawl space is a hot spot for water retention and mold growth.
1 Trillion Gallons: In the U.S., water leaks from homes can exceed 1 trillion gallons annually, equivalent to the yearly water usage of major cities like Los Angeles and Chicago.
Little Leaks Add Up Fast: A leaky faucet that drips at a rate of one drip per second can waste over 3,000 gallons of water per year, or about 5 gallons per day. If that water isn’t properly routed and draining somewhere, it will inevitably lead to eventual mold growth. A running toilet can likewise waste as much as 200 gallons of water per day, depending on the severity of a leak.
These facts and more are why it’s worth being aware of the causes or water damage, and why you should always have a plan in place for dealing with water damage.
Just as you know what to do in case a fire were ever to start at home, you should also have a plan for how to quickly deal with broken pipes, toilets that won’t stop running, and appliance failures.
Knowing where your home’s water shut off valve is could, quite literally, save you tens of thousands of dollars and endless headache.
Extremely rare, yes. But if it ever does happen, you’ll be very happy you prepared for it in advance.
