Water damage claims now average about $10,000.
That means more than half are higher. Often much higher.
The latest numbers are enough to take your breath away.
And they’re soaking home insurers.
One of every 50 homeowners filed a water damage claim each year since 2013.
Those breath-taking numbers are from the latest data, a March, 2019 study by leading insurance analytics group, Verisk Analytics.
Separately, insurance companies are flooded with water damage claims. And the ticket prices are through the roof.
Water damage claims costing more than $500,00 have doubled since 2015.
Claims over $1 million tripled at the same time, said Chubb Ltd., one of the nation’s biggest home insurers.
Tornadoes, wildfire and hurricanes catch headlines, but the reality is that the No. 1 kind of risk everyday is a water claim,” said a manager at USAA, one of the nation’s biggest home insurers.
PLI alums remember the pie chart of home inspector E&O claims. Water damage always was around one-fifth of claims. That shoots up to 2/3 of E&O claims when structure and roof claims, which often overlap, are added in. No other claims are even close.