Water damage causes HOAs and individual homeowners many thousands of dollars each year in the United States. Not only are HOA boards faced with limited budgets, they are also faced with higher insurance deductibles that make addressing water claims more difficult. HOA boards must face the ramifications of filing insurance claims and how these claims can affect future premiums.
Water damage within HOAs can be caused by a multitude of events, everything from rain to frozen pipes bursting. However, no matter the cause, most water damage is expensive. According to the Insurance Information Institute, the average annual insurance water claim was $7,479 in 2013. Fortunately, regular inspections and preventive maintenance can help prevent water damage in many situations. The following guidelines can help identify potential problems and help avoid water damage altogether and should be communicated with the HOA membership.
Know The Water Supply
Maintaining Major Appliances
Water detection devices can detect even small amounts of water. These systems can shut down appliances or be wired into an alarm system that will notify you in the event of a leak. Such alarm systems may allow for insurance discounts as well. There are a variety of water detection systems.
Water Flow Sensors. A broken water line or a frozen pipe could result in water flowing, sometimes unnoticed, for a long period of time. A flow sensor can be installed on the main water line. These sensors are programmed to allow continuous water flow based on your water needs during a given timeframe. If the flow of water exceeds this programmed amount of time, a valve will automatically close to stop the flow of water. These sensors can be programmed for varying times, depending on whether you are home or away for an extended period of time.
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