From torn washing machine hoses to burst pipes, it's no wonder that water damage is among the leading causes of homeowners' claims across the industry.
Anyone who has ever dealt with a water issue at home or been involved with a water loss claim can speak to the devastation. The loss is typically greater than the property that is destroyed.
In a recent phone call with Stephen Poux, senior vice president and head of risk management services and loss prevention for American International Group Inc.'s Private Client Group, he recalled a wedding celebration having to be relocated after a pipe in a third-story bathroom leaked throughout the first and second floors of a home. The damage destroyed the home and also left the bride and groom scrambling for an alternative venue. Poux recounted another situation in which a vacation home was destroyed when a frozen pipe ruptured, dumping thousands of gallons of water throughout the home and turning the basement into a swimming pool.
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