Water damage now one of the biggest domestic property risks
When we take out Building and Contents Insurance to protect our homes and businesses, it’s not surprising that most people’s biggest concerns are around fire and theft.
However, a recent report published by Global Insurer, Chubb, has identified a larger, often overlooked and costly threat hiding in all Australian households. That threat is water damage, and according to Chubb’s research, internal water damage in Australian homes is now a more common and costly risk than fire and burglary.
The top 4 causes of water damage in Australian homes:
- Burst flexi hoses
- Water damage by appliances
- Blocked gutters
- Blocked drains
Tips to safeguard your home from water damage
- Consider shutting off the main water supply when you go on holidays
- Regularly check Flexi hoses on in-home icemakers, washing machines and dishwashers and replace them at least every 10 years
- Regularly check your plumbing water lines and waste line for leaks, damage or corrosion
- Hot water systems have a limited lifespan of 7-10 years, so keep an eye out for puddles and be ready to replace the system
- Check air-conditioning units every 6 months and keep drip trays clean and drain lines unobstructed
- Maintain the watertight seal in baths and shower recesses
- Check your home’s foundation walls and floors for cracks that might allow water seepage and check for poor soil drainage
- Consider inspecting your roof periodically, especially after big storms
- Check flashing at the intersection of all roof and wall lines and roof penetrations such as chimneys and skylights
- Check and clear any blocked eaves and gutters regularly
- Inspect windows, doors and exterior paint for weather stripping or cracking
- Check balconies and terrace drains are free of debris
- Regularly remove debris from exterior drains to stop water from backing up and coming into the home.
Ironically, one of the most frightening dangers that a water leak can lead to is a fire. It sounds crazy, but if you consider that if leaking water reaches your electrical supply or loose wires, it can cause the electricity to short circuit, create a spark and potentially ignite a fire.
How Resilium can help
Our Insurance Advisers can help to ensure your household is adequately protected should a water damage incident occur.
The information provided in this article is of a general nature only and has been prepared without taking into account your individual objectives, financial situation or needs. If you require advice that is tailored to your specific business or individual circumstances, please contact Resilium directly.