Don’t Lose Your Property Insurance Over Plumbing Failures

Plumbing failures can destroy the insurability of multi-family properties

Outside of the direct costs of leaks–such as plumber labor, material expenses, destroyed property claims, and opportunity cost for management and maintenance staff–failing pipes can dramatically impact a property’s insurance profile. Insurance experts say that water damage to a property from domestic plumbing failures is a top underwriting concern. In fact, an adverse loss history from leaks can lead to higher premiums, higher deductibles, and possible non-renewal by your property’s insurance carrier. Insurers certainly take into account isolated large failures, but they are also as concerned about a steady progression of smaller claims, which indicate a chronic problem.

Loss control measures by the property are fundamental to restoring insurability. Measures such as pro-active leak detection, detailed leak tracking and leak mitigation are key to addressing issues with carriers caused by failing plumbing. Mitigation tactics can range from pipe replacement to installation of a corrosion control system to monitoring system pressure and flow rate. When leaks begin to occur, property managers and owners must not lose sight of the damage that is caused by increasing insurance claims, nor should they assume that the leaks are going to magically stop occurring. Plumbing systems deteriorate more every day and failures almost always increase over time unless action is taken.

Contact Renew to learn more about how our non-invasive corrosion control system can help restore your plumbing. Fill out the form or call us today for a free consultation at 800-616-8805.