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The Emotional Toll of Water Damage

Water damage causes more than just the destruction of property

Water is the new fire.
By now you have likely heard the dangers of water damage. Water has overtaken all other types of risks to become to the biggest risk facing property owners today. In fact, a homeowner is three times more likely to experience a water damage claim than a theft, and 12 times more likely to experience it than a fire.
Water damage wreaks havoc on properties. It destroys carpets, flooring, walls, electronics, and personal items. As if that wasn’t bad enough – if restoration doesn’t begin immediately an incident, mold begins to grow within a few days. Mold infiltration in a property poses significant risks to the health of inhabitants, particularly young children and older adults. Insurance companies understand this, which is why they are working towards making sure that you know the risks. In many cases, they promote the use of preventative tools such as sump pumps, backwater flow valves, and smart water monitoring and leak detection systems (such as Eddy’s suite of products).
With all of the destruction caused to the property directly following a water damage incident – one critical issue is often overlooked: the emotional toll it takes on those who experience it. The Intact Centre for Climate Adaption and the University of Waterloo recently published a joint white paper entitled “After the Flood,” which, after speaking with victims of water damage both immediately after as well as long after the event occurred, found the following:

  • Within the first 30 days of experiencing a flood, 47% of household members reported they were worried and stressed, compared to only 11% of non-flooded homeowners. Worse still, 21% of flooded homeowners were still worried and stressed after the first 30 days.
  • Women were found to be more likely to be worried and stressed after the first 30 days of experiencing a flood event, with 26% remaining worried, compared to only 16% of men remaining worried after the first 30 days.
  • 50% of seniors (65+) were worried and stressed in the first 30 days of experiencing a flood in their household, with 31% of seniors reporting they were worried and stressed after 30 days.

The most jarring statistic? Floods can have a dramatic affect on their victims long after the flood recedes, and the home was restored to pre-loss condition. 48% of those who had experienced a flood event three years prior stated they are either “worried” or “very worried” following rainy weather. The study, which was conducted in collaboration with Manulife and Intact Insurance, found that these increased stress levels and their related impact on mental health means that a flood can have a dramatic impact on not only the homeowners’ property insurance, but also their life, health and disability insurance.
Water damage can take many forms – including burst pipes and appliance leaks that happen within a home, in addition to overland flooding resulting from a changing climate. Wherever the issue originates, the results are the same: substantial inconvenience and added financial and mental strain for a property owner. Understanding these far-reaching implications is key for homeowners, insurance companies, and suppliers like Eddy Home whose job it is to mitigate future water issues.
If you have been impacted by a water damage event, you are not alone. Talk to your insurance company (particularly your health insurance provider) to see what follow up tools are available to you. And if you’re interested in the benefits of smart home water monitoring/leak protection, please contact us today to learn more.
About Eddy
Eddy Home 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 info@eddyhome.com.

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Paul Pathak​

Director

Paul Pathak is a partner of Chitiz Pathak LLP. Paul practices principally in the areas of corporate, securities, corporate finance, mergers and acquisitions and commercial law. He represents and provides sophisticated guidance to private and public corporate clients in a broad range of industries, including mining, technology, manufacturing, venture capital and merchant banking.

George Krieser​

Director

George Krieser founded Total Credit Recovery Limited (“TCR”) in 1980 and is the President and Chief Executive Officer. TCR is the largest 100% Canadian-owned and operated collection agency, solely collecting Canadian debt. George previously served as a Director of Universal Energy. He also served as a member of the board of directors of Baycrest Foundation and as a member of the fundraising committee for UJA Federation of Greater Toronto.
Gary Goodman​
Director
Gary Goodman is a Trustee and Chair of the Audit & Risk committee of Boardwalk Real Estate Investment Trust., a former Chairman of Huntingdon Capital Corp., trustee of Gazit America & Brightpath Early Learning, and is a member of the advisory boards of the Vision Funds. Gary was previously Executive Vice President of Reichmann International where he served as a senior financial executive and trusted advisor for over 30 years.

Chris Gower

Director

Chris Gower started his career in construction on the tools – framing houses, where he grew a deep appreciation for the trades. Prior to his current role as Chief Operating Officer, Buildings at PCL Construction (“PCL”), Chris held positions including construction risk manager, senior project manager, district manager and regional vice president. Throughout his more than 25 years at PCL, he has delivered iconic construction projects across Canada, Australia and the United States.

June Thomson

EVP, Sales, Marketing
& Business Development

June joined the Eddy team coming from Enercare after 10+ years in various roles, most recently as Vice President of the North American Builder Division. June has been in the HVAC industry for over 41 years, holding several roles throughout her career from Technician to Provincial Offences Officer.

Saj Khan

COO & President

Sajid Khan helped launch Eddy Solutions and has been in the role of Chief Operating Officer since inception. With more than 20 years of leadership and operational experience in the home services sector, Saj has held roles such as COO of Eco Energy Service, Vice President of Operations at both National Home Services and Universal Energy.

Boris Baril

CFO

With more than 25 years of financial experience, Boris has held both public and private company CFO roles; supported two (TSX listed) initial public offerings (IPOs), debt and equity capital raises, and M&A transactions. Boris graduated from York University and is a CPA, CA.

Mark Silver

CEO & Chairman

Mark L. Silver is President of Optus Capital Corporation. Mr. Silver has made significant real estate investments in both development stage and income producing properties in the residential, commercial and industrial sectors over his 35 year business career. Over the last 22 years, these investments have been made through his company, Optus Capital Corporation. Mr. Silver was a founding partner and Chief Executive Officer of Universal Energy which was sold in 2009 to Just Energy Group Inc. He co-founded Direct Energy Marketing and grew the company to over $1.3 billion in revenues before selling to Centrica PLC (also known as British Gas) in 2000.