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Water Damage and Airbnb Hosts: 5 Ways Eddy Can Help

Water damage continues to be the number one risk facing homeowners. For Airbnb hosts, particularly those that manage their rental properties remotely, water is a huge concern. In fact, a considerable number of hosts in the Airbnb Community Host forum mention water damage as an issue Water damage issues are continually found in the news, like this article and this one and typically result in the host covering damage costs out of pocket – not to mention the loss of potential rental income while said damage is being repaired.
Bottom line: Airbnb hosts are worried about water damage.
According to the Insurance Information Institute and the Canadian Institute of Actuaries, In the US, water accounts for about 40% of all property damage claims in Canada, it accounts for nearly 50%. Each year in North America alone, billions are incurred in water damages by homeowners. How can Airbnb Hosts have better control over water in their Airbnb rentals? Through smart home leak detection and water monitoring, particularly with Eddy Home’s solutions. Here’s 5 ways Eddy can help Airbnb Hosts get control of their water usage, consumption, and the condition of their units.
1. Remote monitoring. Eddy’s technology monitors water usage and consumption in real time, displaying it via the My Eddy Home App. Hosts can see their minute by minute usage of water, determining what is normal usage and what might be out of the ordinary. Our system uses behavioural learning to understand normal water usage for a home. For example, a guest may have accidentally left a water tap running, the My Eddy Home App will detect unusual usage and let a host know of this issue.
2. Proactively preventing water damage. Eddy Home’s technology doesn’t just alert you to the issue, it provides you with the tools to take action. If you receive an alert, you can remotely shutoff the water from the touch of a button, regardless of where you are in the world. Further, our IQ has a built-in automatic shutoff in case you miss an alert – protecting your property, as well as your guests’ belongings.
3. Insights when you’re not there. Most Airbnb hosts are not present with guests. Even those that rent out a room are not at home with their guests at all times, and can’t continually monitor their guests’ activities (nor would they want to!). Eddy’s technology allows hosts to track usage and behaviour, ensuring that guests are not abusing water. Furthermore, appliances and plumbing issues can regularly occur, and when a host is not present it can become difficult to fix before damage occurs. The Eddy Home suite of products provides these insights, so a host can ensure their home is protected from water damage in their absence.
4. Saving Water. Eddy’s customers have experienced on average, a 14% savings on their overall water consumption through leak detection and conservation activities. Our solution can detect even the smallest of leaks – which can waste significant amounts of water over time.
5. Saving money overall. We’ve mentioned the cost savings associated with leak detection and conservation, but did you know that most leading insurance companies offer discounts of up to 15% for leak detection services, particularly those with an automatic shutoff at the main? Faced with substantially more claims and rising repair costs, insurers have recognized the value of leak detection solutions. While coverage varies, most insurers prefer a system that offers a remote and automatic shutoff, which significantly minimizes the risk of water damage to a home.
If you’re a current Airbnb host or considering listing your property on Airbnb, consider protection through smart home water monitoring and leak detection to safeguard your home from your biggest risk.
About Eddy Home
Founded in 2014, Eddy Home is an industry leader in leak protection and water visibility solutions. Our suite of smart products offers a comprehensive water management system for homeowners that protects, controls, and conserves. Our products have saved thousands of customers millions of litres of water by continuously monitoring water usage in their home, and if something unusual is detected, alerting them to the issue. 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.