Thoughts

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The Surprising Hidden Costs of Water Leaks

March 7, 2017
| By Jeff Lipton

 

Water utilities might not often think of it, but water leaks contribute to a significant portion of home repair costs each year. There are many causes of water damage including things like household flooding, faulty plumbing, appliance failures, leaky fixtures, and irrigation system problems. While many people underestimate the risk of water damage to their homes, statistics from the insurance industry cast a light on the reality of how water can impact what is, for most people, the largest financial investment they will make in their lifetime.

To begin with, residential water damage is probably a lot more common than most people think. In fact, approximately 14,000 people experience some type of water damage at home or at work each day. That’s nearly two-thirds of a sell out crowd in Madison Square Garden in New York City. Also, 98% of residential basements in the United States will experience some type of water damage in their

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