It’s not just hurricanes that are driving up insurance premiums, and double-digit insurance rate hikes have been common recently.
Experts estimate Hurricane Helene alone will generate $8 billion to $14 billion in private market insured losses (and that was before Hurricane Milton). And it’s not just hurricanes that are driving up insurance premiums: tornadoes, wildfires, droughts, winter storms, flooding, earthquakes, and heatwaves have all gotten more severe and costly.
“High-magnitude catastrophe losses, the enduring challenges of the pandemic on the supply chain, fluctuations in the employment market, and rising inflation have banded together to create a perfect storm that threatens the sustainability of every property portfolio,” according to the insurance brokerage Marsh McLennan.
Here in Arizona, while we haven’t seen many of these natural disasters, the combined effect of these events nationwide is causing Arizona’s homeowners insurance rates to rise steeply.
One thing that many homeowners may not realize is that water damage in your home is only covered by homeowners insurance in very specific scenarios.
If water damage goes on for a significant amount of time or the adjuster determines the leak was caused by lack of maintenance, homeowners insurance may not cover the loss. This makes it incredibly important to have regular plumbing inspections and repair any issues quickly.
At Sav-On, we offer very cost-effective whole-home plumbing inspections to help ensure your plumbing fixtures and connections are in good shape. With proper maintenance, you run less risk of any major water-related damage to your home. If you do have an issue, we can also recommend service providers to help clean up the damage, and we can repair your plumbing.
According to Nancy Germond, a local insurance agent, “Insurance companies are taking many steps to limit their losses. Inspections, renewal questionnaires, determining the age of your roof and plumbing, and other inquiries may indicate to underwriters that your property is at more than average risk of a claim.
“The whole-home plumbing inspection is a positive step you can take to prevent water damage claims. In this industry’s ‘hard market,’ even one loss may cause the insurer to non-renew your homeowner’s coverage.”
Call us today to schedule your whole-home plumbing inspection at 602.488.4647.