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  • 2023 Home Water Damage Prevention Report
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2023 Home Water Damage Prevention Report

The Hanover recently commissioned Harris Poll to conduct a study around homeowner attitudes towards non-weather-related water damage from incidents such as leaks — the second most common cause of insurance loss claims.

Despite the high risk of loss, the study showed that homeowners are generally unprepared for the threat of water damage and unaware of solutions.

Woman feeling stressed, sitting on a sofa with buckets trying to stop water damage.

 

Our key findings

17%

of homeowners listed non-weather-water damage as their biggest home-related concern, yet they are 7x more likely to sustain damage from a plumbing leak than a fire

34%

have a burglar alarm in their house — double those who have a water sensor, despite water damage being 6x more common than burglaries

68%

were not familiar with water sensors, while 61% had never heard of an automatic water shutoff device, despite how effective they can be at reducing water damage

 

How proactive are homeowners about safety?

Homeowners with annual incomes at or above $100K per year are six points more likely to have protective devices, such as smoke detectors and security cameras, installed in their house.

However, of that population, only 22% have water sensors in their home today, leaving them vulnerable to one of the most common and disruptive home losses.

When considering all homeowners, the study showed that only 17% of have water sensors. Compare that to:

 

 

84%

have smoke detectors

 

 

51%

have fire alarms

 

 

48%

have security cameras

 

Illustration of a flooded basement

 

Top three reasons why customers would install a water mitigation device: 

DISCOUNT

53%

of those with home incomes of $100K+ said receiving a discount would make them install a device

EASY INSTALLATION 

31%

would install after learning that installation was easy

RECOMMENDATION

28%

said that they would install a device if it was recommended by a plumber


Overall, 86% of all consumers cited reasons that would make them more likely to install a water sensor or automatic shutoff device. 
 

Illustration of a flooded basement.

 

What should homeowners do?

Start by consulting with their independent insurance agent to protect against water damage and other home exposures.

Find an agent

Install a water shutoff device or use water sensors to help minimize water damage to help keep their home dry.

Discounted protection

Take advantage of the programs available through their insurance carrier to provide them with an easier installation experience.

See our partners

 

Why the agent-homeowner partnership is important

With the lack of consumer awareness around preventative water loss devices, agents have an opportunity to proactively educate and consult with their customers on the risks of non-weather-related water damage and devices they can install in their homes to help prevent or reduce the severity of a loss.

Agents should partner with carriers like The Hanover who offer educational material, vendors that offer quality devices that can be purchased and qualifying discounts on the policy for having protective devices installed.

 

  Water is invasive, and there are some things even the very best coverage can’t replace. The best protection is risk prevention and it’s more critical than ever. Strategic agents are partnering with customers to equip them with knowledge, deploy preventative measures, and reduce exposure to water damage. Our Home Water Damage Prevention Report indicates homeowners are in need of education regarding the technology available to reduce the risk of water damage which creates an opportunity for independent insurance agents to better service their customers."

- Dan Halsey, president of Personal Lines at The Hanover

Dan Halsey

     

    Survey method
    This survey was conducted online within the United States by The Harris Poll on behalf of The Hanover from April 13-17, 2023 among 2,074 U.S. adults ages 18+ among whom 1,516 are homeowners. The sampling precision of Harris online polls is measured by using a Bayesian credible interval. For this study, the sample data is accurate to within +/- 2.8 percentage points using a 95% confidence level.

    For complete survey methodology, including weighting variables and subgroup sample sizes, please contact Kyle Tildsley at ktildsley@hanover.com.

    No

    2023 Home Water Damage Prevention Report

    The Hanover recently commissioned Harris Poll to conduct a study around homeowner attitudes towards non-weather-related water damage from incidents such as leaks — the second most common cause of insurance loss claims.

    Despite the high risk of loss, the study showed that homeowners are generally unprepared for the threat of water damage and unaware of solutions.

    Woman feeling stressed, sitting on a sofa with buckets trying to stop water damage.

     

    Our key findings

    17%

    of homeowners listed non-weather-water damage as their biggest home-related concern, yet they are 7x more likely to sustain damage from a plumbing leak than a fire

    34%

    have a burglar alarm in their house — double those who have a water sensor, despite water damage being 6x more common than burglaries

    68%

    were not familiar with water sensors, while 61% had never heard of an automatic water shutoff device, despite how effective they can be at reducing water damage

     

    How proactive are homeowners about safety?

    Homeowners with annual incomes at or above $100K per year are six points more likely to have protective devices, such as smoke detectors and security cameras, installed in their house.

    However, of that population, only 22% have water sensors in their home today, leaving them vulnerable to one of the most common and disruptive home losses.

    When considering all homeowners, the study showed that only 17% of have water sensors. Compare that to:

     

     

    84%

    have smoke detectors

     

     

    51%

    have fire alarms

     

     

    48%

    have security cameras

     

    Illustration of a flooded basement

     

    Top three reasons why customers would install a water mitigation device: 

    DISCOUNT

    53%

    of those with home incomes of $100K+ said receiving a discount would make them install a device

    EASY INSTALLATION 

    31%

    would install after learning that installation was easy

    RECOMMENDATION

    28%

    said that they would install a device if it was recommended by a plumber


    Overall, 86% of all consumers cited reasons that would make them more likely to install a water sensor or automatic shutoff device. 
     

    Illustration of a flooded basement.

     

    What should homeowners do?

    Start by consulting with their independent insurance agent to protect against water damage and other home exposures.

    Find an agent

    Install a water shutoff device or use water sensors to help minimize water damage to help keep their home dry.

    Discounted protection

    Take advantage of the programs available through their insurance carrier to provide them with an easier installation experience.

    See our partners

     

    Why the agent-homeowner partnership is important

    With the lack of consumer awareness around preventative water loss devices, agents have an opportunity to proactively educate and consult with their customers on the risks of non-weather-related water damage and devices they can install in their homes to help prevent or reduce the severity of a loss.

    Agents should partner with carriers like The Hanover who offer educational material, vendors that offer quality devices that can be purchased and qualifying discounts on the policy for having protective devices installed.

     

      Water is invasive, and there are some things even the very best coverage can’t replace. The best protection is risk prevention and it’s more critical than ever. Strategic agents are partnering with customers to equip them with knowledge, deploy preventative measures, and reduce exposure to water damage. Our Home Water Damage Prevention Report indicates homeowners are in need of education regarding the technology available to reduce the risk of water damage which creates an opportunity for independent insurance agents to better service their customers."

    - Dan Halsey, president of Personal Lines at The Hanover

    Dan Halsey

       

      Survey method
      This survey was conducted online within the United States by The Harris Poll on behalf of The Hanover from April 13-17, 2023 among 2,074 U.S. adults ages 18+ among whom 1,516 are homeowners. The sampling precision of Harris online polls is measured by using a Bayesian credible interval. For this study, the sample data is accurate to within +/- 2.8 percentage points using a 95% confidence level.

      For complete survey methodology, including weighting variables and subgroup sample sizes, please contact Kyle Tildsley at ktildsley@hanover.com.