Insurers lose approximately $13 billion each year due to water damage claims, according to the National Association of Insurance Commissioners. Water damage is one of the main causes of insurance claims in commercial real estate. Repair and restoration bills average around $24,000, with extreme cases of claims seeing damages of around $5 million. The frequency and cost of water damage losses are continuing to increase. There are more losses from water damage than from fires.
So how can water damage losses be avoided? Start by taking steps to mitigate the risk of water damage due to the burst of frozen pipes this cold, winter season.
Before it gets cold:
When it's cold:
IF the pipes freeze:
And here are a few bonus tips on what to do IF the pipes burst:
Want to learn more about winter season facility risk management including more on freezing pipes, snow load risks and winter weather slip and fall prevention? Check out our comprehensive Winter Weather Safety Tips article.