Aging buildings, high-end properties and facilities that rely on many water-fed appliances can all benefit from the proactive deployment of water leak detection technology. Insurance claims tied to water damage from indoor leaks are steadily on the rise, even as many other common claim types – including fire – have declined.
Insurance companies are taking notice. Fintech Today reports that insurers have come to realize that “sensors, smart devices and other connected platforms could be used to make them more proactive – enabling them to identify problems before they escalate to disasters – and subsequently mitigating claims.”
Operating under budgetary, infrastructure and staffing constraints, not all property owners/managers are in a position to embrace connected solutions. A diverse offering of indoor plumbing leak detection products – from wide-area leak detection with automatic shut-off and app-based notification to simpler products with audible alarms for dedicated appliance use – could encourage more property owners/managers to implement a water prevention and loss control program. Even basic leak detection technology could help save billions of dollars in claims and gallons of water that would otherwise be wasted.
|Insurance & Risk Manager Concerns||Property Manager Motivations|
|Reduce insurance claims||Insurance rate stabilization, potential discounts|
|Minimize property loss||Maintain good reputation, minimize unbudgeted expenses|
|Build technology solutions into risk mitigation||An affordable, easy-to-implement water damage mitigation and loss control program|
RDT offers plumbing leak detection solutions for every space and budget. We will help your clients outfit their buildings with budget-friendly equipment to efficiently manage leaks – preventing catastrophic water damage, reducing substantial insurance claims and helping control costs.
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1. The Wall Street Journal: “American Homeowners and Their Insurers Face a Flooding Crisis From Within”
2. According to Eastern Municipal Water District statistics.