Home Insurance Premium Savings – Leak Detection Devices

February 23, 2024

Our team at Robertson Ryan Insurance have a shared goal with you to provide a strong personal insurance program and to keep premiums reasonable.

There is no shortage of gadgets out there to make life easier, examples include smart home technology, like Automatic Water Shut Devices. These can potentially save you money and provide peace-of-mind. By acting as an early warning system of a water leak, they can help lower the cost of insurance claims, resulting in lower premiums for you.

Examples of water damage to your home that can cause damage:

  • Plumbing and/or appliance malfunctions (including water supply lines to sinks, toilets, dishwashers, washing machines etc.,)
  • Failed water heater
  • Pipes bursting from frozen conditions, disrepair or age

Water damage can happen in any season and without external provocation. Unfortunately, most homes are at risk at some point, while the process of repair after an event can be costly, inconvenient and time consuming.

An Automatic Water Shut-Off Device helps to prevent or mitigate these losses. Many carriers are encouraging their clients to invest in them because they surveil water flow in the home’s pressurized plumbing system. Once a leak is detected, the water is automatically shut off to prevent any additional damage.

Did you know*:

  • Losses from water and frozen pipes is the 3rd costliest type of personal property damage? (Following fire and wind)
  • With water claims coming in 2nd (behind wind and hail) as most frequent claims filed
  • The average water damage claim is $12,514
  • Approximately 1 in 60 insured homes file a property damage claim due to water or frozen pipes, each year.

*Stats are from 2017 – 2021

Some insurance carriers even partner with vendors of Automatic Water Shut-Off devises and provide preferred pricing on the equipment.

Some companies who make this equipment PHYN, LEAKDefense, FloLogic & Beagle Services. As well as some reviews around the web: Reviewed – USA Today and TechHive

As always, feel free to reach out to your Trusted Advisor at Robertson Ryan. Contact Us