Water damage is one of the most common claims in condominiums. Older plumbing, construction quality control, and lack of resident awareness are some of the predominant issues causing HOAs to incur losses.
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 condos: 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.
Installing a WaterSafeti system is the responsible choice for any HOA. By being proactive in preventing financial loss, avoiding the frustration of temporarily being out of home during reconstruction, and decreasing monthly expenses due to insurance premiums and water waste, installing a WaterSafeti system is in the best interest of both residents and HOA board members.
If you're ready to be proactive, contact us today.