Water damage can happen to anyone at any time. As a matter of fact, it accounts for over 50% of insurance claims and more than 50% of your home insurance premium. Each year, in Canada alone, water damage results in over $ 2 billion in insurance claims. It’s more than fire, theft and vandalism combined.
Are your insurance costs exploding? You are not alone. Far from it! Over the last 10 years, the cost of claims has increased by 130%; while deductibles have increased by 600% in the past 5 years.
Of all types of housing, one is particularly threatened: condo towers and apartments. As a matter of fact, 95% of claims filed and over 60% of claims paid are water-related. In a residential tower, water damage in one apartment quickly becomes water damage in several apartements, resulting in costs that can exceed hundreds of thousands of dollars. During a long-term absence -for work or holidays -, it may take several days before a leak is noticed by someone living below … and by then, it is already too late! Water never takes holidays!
To reduce costs, avoid stressful damage and make our homes healthier and more durable, we must do something. Good for us, Ubios is coming! Find out everything about our water damage prevention solution!