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Water Damage and Mold: What You Need to Know

Prevent the spread of mold - Eddy Solutions

Water damage is devastating. It can ruin everything in its path: flooring, walls, carpeting, furniture, and precious, irreplaceable keepsakes. It’s costly and heartbreaking to fix. However, many of us may not be aware of the biggest and most distressing effect of water damage: mold.
Mold – in its most toxic form– is typically black in colour and thrives in a damp environment. Mold growth can begin within 72 hours following a water damage event. And the bad news doesn’t stop there: Mold damage isn’t covered under most home insurance policies.
Mold can be a major health hazard to you and your family. Signs of mold exposure include:
• Eye, nose and throat irritation
• Wheezing and shortness of breath
• Asthma symptoms
• Coughing and phlegm build-up
• Allergic reactions
Some people are more vulnerable to mold exposure than others, including the elderly, infants and children, asthma sufferers, and those with compromised immune systems. If you or a family member are experiencing any of these symptoms and suspect mold exposure, please visit your doctor as soon as possible. The Government of Canada provides further detail on the symptoms of mold and what to do in this article.
As mentioned, mold damage and its subsequent removal may not be covered as part of their policy. While policies differ, insurance companies have limited mold coverage in recent years, and strongly encourage homeowners to begin claims and the restoration process immediately to reduce mold. If you are concerned, you should contact your insurance broker or provider to discuss your coverage.
Water damage can happen so easily. Internal issues such as leaky pipes and appliances can flood your home, and extreme weather patterns have resulted in more and more Canadian homes experiencing major water events such as sewer back up and seepage.
As with most all health issues, prevention of mold growth is paramount. Homeowners can take a number of steps to help reduce the chance of a water damage event in their home. Take a look at our recent article, “Tips to Protect Your Home this Fall,” for steps to maintain your home both inside and out to reduce water damage.
Smart Home and IoT devices are providing homeowners more information than ever before so they can protect themselves and their homes. Automatic and remote water shutoff devices (such as the Eddy IQ) can prevent water damage from starting with swift action when the issue is due to a plumbing issue or related leak, and sensing technology (such as the H2O) alerts a homeowner to water and moisture so they can pinpoint the exact location of a leak in their home. This can lead to a dramatic reduction in overall damage. Also, most leading insurance companies offer a discount for these types of devices (including Eddy’s products).
About Eddy Home
Founded in 2014, Eddy Home is an industry leader in leak protection and water visibility solutions. Our suite of smart products offer 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​

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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.