Only 17% of homeowners have water sensors
despite the high risk of loss
WORCESTER, Mass., Sept. 28,
2023 /PRNewswire/ -- New research highlights the
lack of homeowner preparedness for non-weather-related water
damage, even though water damage ranks as the second most prevalent
cause of insurance loss claims. The Hanover Insurance Group, Inc.
(NYSE: THG), a leading provider of insurance for individuals,
families and businesses, today released its 2023 Home Water Damage
Prevention Report to raise awareness about the risks of water
damage from leaky pipes, appliances and other household
sources.
Key findings:
- Non-weather water isn't top of mind for homeowners -
Despite being a leading cause of homeowners' claims, only 17% of
homeowners said non-weather water damage is their biggest damage
concern regarding their homes.
- Relatively few homeowners are taking basic preventive
measures - Only 17% of homeowners said they have a water sensor
in their homes. In comparison, 84% have smoke detectors, 51% have
fire alarms, 48% have security cameras and 34% have burglar
alarms.
- Higher net-worth homeowners are more willing to invest in
preventive measures – Still, only 22% of homeowners with
incomes of greater than $100,000 have
water sensors in their homes today.
- Prevention technology education is needed - 68% of
homeowners are not familiar with water sensors and 61% have never
heard of a water shut-off device.
- Homeowners need risk mitigation motivation - 86% of
homeowners cited reasons that would make them more likely to
install a water sensor or shut-off device. The top three reasons
overall were: receiving a discount (45%), learning that
installation was easy (31%) or obtaining a recommendation from a
professional (28%).
"Water is invasive, and there are some things even the very best
insurance coverage can't replace. When it comes to water, the best
protection is risk prevention and it's more critical than ever.
Increasingly, proactive homeowners are discussing water with their
independent insurance agents to deploy preventative measures and
reduce exposure to water damage," said Daniel Halsey, president of Personal Lines at
The Hanover. "Our Home Water
Damage Prevention Report points to an opportunity for homeowners to
reach out to their insurance agent for counsel and insight relative
to the risks involved and the technology available to mitigate
those risks."
Homeowners should consult with their independent insurance agent
about risk management strategies to help protect against water
damage and other home risk exposures. To support customers in their
home water mitigation efforts, The Hanover has recently partnered with Water
Security Solutions (WSS) and StreamLabs, taking a proactive and
collaborative approach to risk management. WSS helps The
Hanover's customers determine the
best compatible water mitigation system for their home plumbing
configuration, and provides discounted pricing on the options.
StreamLabs manufactures smart water leak monitoring and water
shut-off devices that can be installed by The Hanover's customers and qualify them for
applicable discounts on their insurance premiums. These vendors are
the newest additions to The Hanover's Partners in Protection program.
The Hanover enlisted The Harris
Poll to conduct the study. To read the full results from the 2023
Home Water Damage Prevention Report while exploring homeowner risk
mitigation considerations please click here.
About The Hanover
The Hanover Insurance Group, Inc. is the holding company for
several property and casualty insurance companies, which together
constitute one of the largest insurance businesses in the United States. The company provides
exceptional insurance solutions through a select group of
independent agents and brokers. Together with its agent partners,
The Hanover offers standard and
specialized insurance protection for small and mid-sized
businesses, as well as for homes, automobiles, and other personal
items. For more information, please visit hanover.com.
SteamsLabs is not a member of The Hanover Insurance Group,
Inc.
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.
CONTACTS:
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Emily P. Trevallion
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Kyle
Tildsley
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etrevallion@hanover.com
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ktildsley@hanover.com
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508-855-3263
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508-855-3287
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All products are underwritten by The Hanover Insurance
Company or one of its insurance company subsidiaries or affiliates
("The Hanover"). Coverage may not
be available in all jurisdictions and is subject to the company
underwriting guidelines and the issued policy. This material is
provided for informational purposes only and does not provide any
coverage. For more information about The Hanover visit our website
at www.hanover.com.
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SOURCE The Hanover Insurance Group, Inc.