Water Damage Statistics Gathered from Around the US Bring Forward Surprising Conclusions
Water damage is more common than the average citizen believes and insurance companies are losing billions of dollars every year solely due to the repair costs. Taking a look at stats that were collected from multiple surveys conducted by insurance companies and the government agencies, the following, surprising and even shocking conclusions come to light.
photo/Steve Buissinne via pixabay
98% of All Basements in the US Experience Water Damage
It was found from surveys and water restoration company records that an astounding 98% of the basements in the United States experience water damage at some point in time. This basically means that almost every homeowner is at risk of waking up to a flooded basement at some point in their lives.
On a positive note, in water damage-prone states such as Minnesota, records also show that an effective water restoration company like Service Restoration is almost always able to handle such emergencies with swift precision and speed. Service Restoration, in particular, works directly with all insurance companies in the state, making it a seamless water damage restoration experience for the homeowners.
Insurance Companies are Paying in Billions for Repairing Water Damage
Back in 2017, it was estimated that a total of $2.5 billion was paid out to claims by insurance providers, made solely for water damage that year. While it does explain why the premiums are rising every year, this is making it particularly hard for the average homeowner to continue affording house insurance policies.
Roughly $7,000 is the Average Payout
The numbers will, of course, vary quite a bit, depending on the extent of the damage, but that’s the national average for how much money a homeowner or an insurance provider pays on an average for repairing water damage.
Washing Machines are More Often the Problem than Not
Exact numbers indicate that 8.7 years is the lifetime of a supply hose attached to the washing machine, which most homeowners are not aware of. Therefore, a leaking or burst hose will often silently flood the basement if not changed in time. Experts agree that a change every 5 – 6 years is wise, with periodic checks for leaks in between.
A Tiny Crack in a Single Pipe is Capable of Leaking 250 Gallons/Day
It may seem unlikely and astonishing even, but a single crack (1/8th of an inch) in a pipe can end up leaking 250 gallons of water into a house every single day. This can essentially and completely ruin the entire home if this happens during a vacation.
As a final reminder of the water damage, the loss of water itself also needs to be taken into account. Apparently, the United States is losing 1 trillion+ gallons of water from leaks alone, every single year. Therefore, if not for the sake of one’s own home, it’s for the sake of water supply itself that more caution and care towards managing leaks is necessary from all of us to get the numbers under control.
Author: Carol Trehearn
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