Water damage is among the leading causes of home insurance claims. Consider that one in 50 homeowners files a water-damage claim each year, which accounts for roughly a third of all home insurance claims, according to Forbes and the Insurance Information Institute. The average cost of these repairs: $11,098. Chubb's Fifth Annual Homeowner's Risk Report, conducted in November/December 2021, characterizes even more dramatic water-damage statistics. "Ongoing research shows that water damage is all too often an overlooked risk," writes Mary Parsons, Sales & Distribution Leader at Chubb Personal Risk Services. "Such losses are happening more often than fire and burglary, according to Chubb claims data. And the number of losses is only increasing." According to Chubb, 44% of U.S. homeowners have experienced a water loss in the last two years, a statistics that's up from 27% in 2020. The average claim can be as high as $50,000, Chubb reports. "Whenever possible, agents and brokers should encourage their clients to install water shut-off devices in homes or point-of-leak sensors in condominiums or apartments to help prevent water leaks from causing major damage," Parsons continues. "It is also effective to share stories about the inconvenience of water damage, as clients will typically need to be out of their homes for an average of three months for water damage repairs, according to Chubb claims experience." The insurance experts at Erie Insurance suggest talking with insureds about picking up extra coverage to safeguard against water damage. The carrier recently compiled six tips to educate property owners about this common loss. That advice is outlined in the slideshow above. See also: |

• Water damage results in severe losses for commercial insureds
• Preparing for the impact of water damage
• Damaged water pipe: Is the loss of water covered?