Water damage is one of the most common claims in apartments. Older plumbing, construction quality control, and lack of resident awareness are some of the predominant issues causing apartment owners to incur losses and lose rental income.
Water damage is an unavoidable issue prior to installing a WaterSafeti system as water damage is a "when" scenario, not an "if" scenario.
Damage caused by water often involves more than one dwelling, and can affect both the common and private areas of the building. On top of the obvious problem of resolving the water damage, the complex nature of the multi-partied insurance claims cause headache, finger pointing, and emotional distress.
Undetected water leaks can also cause mold and be the source of many health problems. If not contained, water damages can also reach the structure of the building which decreases property value, incurs unexpected costs, and in some cases can endanger residents.
Additionally, Insurance companies are increasingly reluctant to insure apartments: the numerous complaints, aging buildings, and deteriorating plumbing are contributing to higher and higher insurance premiums. In some cases, buildings with multiple water damage events are being refused coverage by major insurance providers and are forced to secondary markets where rates are extremely high and coverage is fraught with fine-text exclusions so insurers can avoid paying for losses when water damage does occur.
Financially, installing a WaterSafeti system just makes sense. It will enable you to prevent losses, reduce insurance premiums, reduce monthly cost from water wastage, and prevent the loss of rental income in the event of a flood. Not only will it protect your investment, but it will also protect the residents from the heartbreak and frustration of having their lives turned upside down by a flood.
If you're ready to be proactive and protect your investment, contact us today.