Leaking pipes are the kind of thing that keeps landlords up at night. Not only can they wreak havoc on the plumbing of individual units, but sometimes, they can affect the entire building’s infrastructure. What’s more, they’re unpredictable! So even if you perform regular maintenance checkups, there is no guarantee that you’ll be able to escape the dreaded phone call of, “We have a leak.”
If there is significant damage due to a water leak, you will have to file an insurance claim, and that is liable to make your insurance premiums spike. In fact, plumbing supply system failures are the number one reason for most water damage insurance claims, and toilet failures are the second most popular reason.
In other words, as the landlord of a building with many units, you are likely to experience these issues, which can lead to making a claim on your landlord building insurance. But do you really want to? Dealing with insurance companies isn’t pleasant, so the ideal would be to avoid damage and claims altogether.
Another issue when it comes to water damage is that your insurance will not cover the property of your tenants. This means that if your tenants’ belongings get damaged due to a water issue, they will need to file a claim with their own renter’s insurance in order to cover the cost of damage. But not all tenants have renters insurance!
You can see how any damage caused by water can get complicated quickly. And since it’s in your best interests to keep your tenants happy, it’s best to minimize the damage from leaks.
But if leaks are unpredictable, what’s a landlord to do?
When it comes to leaks, prevention is key. Stopping leaks before they start is the only way to prevent water damage, save on costs, and reduce insurance claims.
“But wait a minute”, you’re thinking. “Didn’t you just say that leaks are unpredictable? If they’re unpredictable, how can I prevent them?”
What NOT To Do
Sending a maintenance man for regular checkups is NOT the answer. This solution costs money, time, and isn’t very effective since most maintenance people can’t predict when a toilet will suddenly start running or when a faucet will start to drip or when a water main or a riser will burst.
What TO Do
Installing wireless sensors on the water risers of your apartment building is the best way to take preventative action against unforeseen leaks and water issues.
Wireless sensors are designed specifically for landlords of large buildings. They give you a bird’s eye view of the building’s entire plumbing infrastructure, allowing you to monitor the building’s plumbing and detect leaks immediately.
Without wireless sensors, landlords have no other choice but to sit passively and wait for leaks to strike. But with wireless sensors, landlords can take an active role in leak prevention, catching them the minute they start instead of waiting days, weeks, or months before tenants report a problem. When you catch a leak quickly, you can fix it immediately and save a lot of money.
How much you can save depends on several factors, including how many apartments are in your building, how many are occupied, the individual habits of each tenant, water pressure, and more.
Catching a leak quickly can also help you stay away from those pesky water damage insurance claims that can take months to resolve, and not always in your favor.
The Water Scrooge is one such company that offers wireless sensors, and the company’s clients report earning back their investment within one year of installation. That’s a pretty good ROI.
In America today, the number of water damage claims are on the rise, but when you use wireless sensors, you can mitigate the need to make these claims. Wireless sensors catch leaks as they occur so that you can take care of them immediately. No more water damage, no more dealing with insurance companies, happy tenants, and big savings. To find out more about how wireless sensors can help you, contact The Water Scrooge today.