Don’t Panic, Don’t Get Soaked
Learn how investment property owners may lower the risk of water damage.
Read about basic factors to consider when evaluating water detection devices.
Investment property ownership is all-in. It involves property, people, and the pocketbook. In a nutshell, you’ve got to be able to responsibly manage all three. Uncertainty, the unexpected, and sometimes the unknown will present. Don’t panic. Do react reasonably and plan accordingly. Recognize the best risk management is prevention. As winter ends, consider an affordable upgrade to lower the risk of water damage to your investment property.
Technology and awareness have advanced to the point where a range of products exists to monitor water usage. In addition to contacting your plumber and local plumbing supply store, consider the following basics to help you evaluate different options and what best suits your needs and budget:
- Complexity and cost of installation. Are the services of a professional plumber required, or is the product set-up easy enough for a handyman/woman?
- Level of water leak detection. Does it recognize pinhole leaks, drip leaks, or only major leaks and pipe bursts?
- Sensors and controllers. Is a separate sensor required near each item that uses water (sinks, toilets, hot water tanks, washing machines, dishwashers)? Does the system include a controller to shut water off at the source of the leaking/burst item, or would it shut off the main water line?
- Battery life on detectors. How frequently must batteries be changed?
- Is an internet connection required in order to function? Some systems are self-contained and do not involve any internet connection. More and more are designed so a smartphone app allows you to monitor, control, and employ smart water shutoff valves.
- Reliability. How reliable are the water sensors, controllers, and shutoff valves to work as intended? What is the chance they do not perform as intended?
- Warranties and maintenance costs. What warranties are available? What is the recommended level of ongoing maintenance/inspection?
Check out a few products at: www.safety.com>water-leak-detectors
The bottom line is water damage due to pipe leaks, breaks, or bursts are a main risk exposure for investment property owners. Water damage affects your property, you, your tenants, and your pocketbook. While insurance covers property damage due to sudden and accidental water damage, there is no escaping the headache and inconvenience inherent in a water damage loss. Consider the hours in the day that your investment property is unoccupied due to tenants’ work schedules. What if they are on vacation or called out for an emergency? Realize that an unchecked pipe burst, even for a short period of time, such as two hours, can cause extensive damage. Walls, floors, ceilings, cabinetry, and/or contents can all be compromised. If your investment property becomes uninhabitable during restoration, the added stress of displaced tenants presents.
Don’t panic, but don’t soak in complacency either. Plan and reasonably do now that which can lower the risk of a water damage loss to your investment property tomorrow.
Connect today with your Trusted Choice Independent Insurance Agent at Richey-Barrett Insurance for your investment property insurance needs.
