As a member of a Condominium Board, your number one focus making the best possible decisions for the betterment of the condo and residents. And as a Condo Board member, have you considered the massive and mounting risk of water damage to your building?
With water damage now accounting for more than 70% of real estate claims per dollar value (Source: Zurich Insurance Group), Condo Boards need to consider the logistics of properly protecting their assets against damage. Water damage can take many forms, and some of the most common include burst pipes and appliance failures.
When water damage occurs – particularly major issues – resident displacement is a substantial problem, both emotionally and logistically. Families are often dislocated from their homes during repairs. Property is damaged – in many cases beyond repair. Residents may be required to pay their own insurance deductibles for damage that is not their fault. When damage hits, very often common funds must be accessed for repairs, which may lead to increases for residents in the future.
For the building, mechanical equipment and finishes are destroyed, depreciating the overall assets. While insurance will cover much or all of the repairs, premiums may rise, and some Condo Boards will find themselves at risk of being denied future coverage.
The great news is that water damage is an issue that can be solved. IoT powered water monitoring and leak detection technology that includes sensors and shutoffs track water usage within a building, and alert property management to issues in real time.
How Eddy Helps
Eddy’s solution fully protects residents and building assets with comprehensive water monitoring and leak detection, ultimately reducing the risk of water damage events in a building.
Our comprehensive suite of products and services empowers property/building management with the necessary tools and data to both mitigate acute water damage risks and prevent future events from occurring. Our IQ is an ultrasonic water meter with leading resolution and includes a built-in full port ball valve that provides automatic and remote shut off features. Our wireless H2O sensors track humidity, temperature, and the presence of water.
Our Link interfaces with existing meters to track consumption and can be coupled with a shutoff valve for large pipe sizes. To connect our solution, we employ a LoRaWAN network within the building. LoRaWAN (short for Long Range Wide Area Network) is a low power, extremely low bandwidth radio network technology, ideal for high interference environments such as those inside a multi-unit residential building.
Eddy’s proprietary dashboard provides a real-time aggregate and individual information platform for users. Condo Boards and Property Management can zero in on the data that is relevant to objectives and metrics as it relates to:
– Risk mitigation
– Asset risk insights
– Preventative maintenance activity
– Resolution times on incidents
What we Protect
• Equipping the Hydronic Heating & Cooling (closed loop and boiler) systems with automatic shutoff valves
• Securing common areas, amenities and the mechanical rooms using sensors and shutoff valves
• Equipping domestic distribution risers with sensors to detect the presence of water as well as temperature and humidity fluctuations (future losses)
• Equipping the Water Main and each corresponding zone (PRV Stations) with automatic and remote shutoff valves
• Complete protection in-suite with sensors
To learn more about how Eddy can help your Condo Board gain control of water, please contact us today.
Eddy Solutions is an industry leader in leak protection and water monitoring solutions. Our suite of smart products offers a comprehensive water management system for building operators and homeowners that protects, controls, and conserves water. Our products have saved thousands of customers millions of dollars in damages and millions of litres of water waste by continuously monitoring water usage in their properties. For more details, please contact us at 1 877 388 3339 or email firstname.lastname@example.org.
In the dynamic world of property and builder’s risk insurance, the industry faces mounting challenges, particularly from water-related damages, a predominant cause of property claims. This scenario has compelled insurers