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Aging valves and pipes and other culprits of interior flooding have caused a surge of property insurance claims, while claims due to fire and other hazards have become less frequent.
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Our research team’s firsthand experience and further investigation on water damage insurance claims shows that claims can be very costly. Last updated March 2020.

$13B
Annual cost of water damage and removal in the U.S.
14,000
Daily number of Americans that face a water damage emergency.
$10,234
Average home insurance claim for water damage.
98%
Ratio of basements that will experience water damage in their lifetime.

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There are many advantages to living in a multifamily condo or coop building in South Florida: great views, enviable locations and abundant amenities. However, there is always the possibility of water leaks.

Not surprisingly, when these leaks occur, there is often an inherent tension and finger-pointing between the owner who suffers interior damage and the boards who are being asked to pay for repairs.

What’s the cause of the leak?
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