House flooding happens more often than you might think. Every year, more than half of Canadians’ home insurance claims are made because of water damage, which is more than burglary and fire claims combined. Additionally, the Chambre de l’assurance de dommages notes that more than 40% of flooding damages are caused by broken water pipes or household appliances — such as dishwashers, washing machines, water heaters, etc. These statistics are worth thinking about!
Of course, most of the damages caused by those types of flooding can often be reimbursed by your home insurance. But did you know that having flood detectors in your house can get you a discount on your insurance payments? Indeed, many insurers will offer you 5 to 10% discount on your insurance premium if you have flood detectors. Much like having an alarm system renders your house more secure and less likely to be burgled, so will having a flood detector system reduce the chances that you get water damage in your house and have to claim for it, therefore making your house less risky to insure. It also means that you are less likely to see increases in your insurance premium, which you could have to pay if you had to make important claims following water damage.
Finally, a lot of people don’t realize that most home insurance doesn’t cover flooding damage caused by the normal use of your equipment, or for lack of maintenance. Damage caused by something an insurance company can define as negligence could put your claim at risk. For example if you haven’t replaced a hot-water heater that’s over 10 years old and it leaks, your insurance might not pay out. A flood detector could therefore save you a lot of money. Food for thought!