True or False: Water damage is the biggest risk facing homeowners today.
This week’s topic for discussion is water damage. Most homeowners are likely unaware that nearly 50% of all residential claims in Canada are due to water damage (Source). Research shows that people are 12 times more likely to have a water damage claim than a fire, and 3 times more likely to have a water issue than a theft.
Therefore, the answer to this week’s question is True. Each year Canadians incur more than one billion in insurance water damage claims.
Whether it’s water originating from internal sources like pipes, appliances and toilets or water as a result of external events like a hurricane or overloaded city sewers, the results can be catastrophic.
A lot of related information is provided in this great article by ‘The Globe and Mail’, providing great insights on water damages and their backups.
And, water damage can be greatly mitigated by Eddy’s technology. Visit Eddyhome.com for more details.
Thanks to all who played our weekly What’s Your Eddy IQ game! Check back next Thursday on our Facebook page, where you can follow us.
Who is 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. Check out more information at eddysolutions.com.
This article was written by Keval Shah, Eddy Home’s Social Media and Marketing Intern at Humber College. Click here to reach Keval on LinkedIn.
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