There’s nothing more traumatic for homeowners than discovering catastrophic damage to their homes. Water damage is one of the most common and most costly types of homeowners’ insurance claims. Every year, about one in 50 homeowners will file a water damage or freezing claim, accounting for almost 24% of all homeowners’ insurance claims, according to the Insurance Information Institute. The average cost of a water damage or freezing claim is about $10,900. Therefore, it’s no surprise that leak detection and prevention devices are becoming more attractive to homeowners and property managers all across the U.S.
“In the last 12 months, leak detection has become more popular as insurance companies and contractors alike are all searching for solutions to mitigate risk and provide additional value to their customers/homeowners,” notes Jeff Long, product manager, StreamLabs. “StreamLabs has been pioneering the rough plumbing segment of the smart home market providing leak detection and water control for the entire home since 2018.”