Water damage nowadays in Canada is usually caused by natural disasters. As we all know due to climate change this phenomenon is becoming more prevalent.
Flash floods cause the greatest water damage in Canada, but anyways homeowners insurance is unprepared when it happens. You first need to know whether a building has a plumbing infrastructure that improves the situation or if they implemented a water risk management plan. The difference between sinking and swimming often depends on extreme weather events.
It is important to know if the insurance company implemented a plumbing system. In this way, you can prevent any water damage to your home if you are located in affected areas.
To put it another way, flood insurance should be at the top of every apartment owner’s and property manager’s priority list.
A Proactive Approach About Water Damage:
While tenant coverage can help with some flood losses, the apartment owner and property manager are still responsible for building-wide faults like the plumbing system. Some insurers prefer plumbing systems, although the size of the deductible(retained risk) determines the prices.
Here are five steps that every building owner should take to reduce their risk of water damage losses:
1. Perform a cost-benefit analysis
Make sure you know what type of plumbing your building has and whether it needs to be repaired or replaced. It may be necessary to entirely replace the system, or it may only be necessary to replace individual fittings or pipes. Learn about the various plumbing systems so you can make the best decision for your apartment water damage restoration.
2. Create a water damage mitigation plan
It’s the same with knowing what to do after a flood. Planning ahead is beneficial in any case. Find a reputable water remediation insurance industry and keep their contact information on hand. The more water damage an area has, the more expensive the water damage repair is. To keep costs down, make sure you contact us as soon as you spot an issue. A simple Domestic Water Emergency Response Plan template is offered (DWERP)
3. Perform regular maintenance.
If you are able to fully avoid various issues then you can schedule regular long-term inspections of your plumbing system. Especially if you’re renewing your insurance. The inspector should search for leaks and sewer pipe backups, as well as make sure that sinks and drainage systems are set properly.
4. Monitor equipment
Damaged equipment is the source of a large number of claims, but monitoring the equipment on a regular basis can help keep problems at bay. Regardless of the age or condition of your equipment, make sure to schedule routine maintenance and monitoring.
5. Increase the deductible
Choosing coverage with a higher deductible is the best option for certain apartment complex owners. This technique makes the owner liable for a greater portion of claim costs, but it also results in a cheaper premium. This only works with well-maintained buildings, so think about your situation carefully before proceeding.
Don’t put off learning about water damage mitigation until there’s a flood loss. Every plan you establish now will aid in risk management and expense containment. IBX Services is the leading cleaning and restoration company in Toronto, with 20 years of experience, thorough training, and cutting-edge technology. We understand that calling a catastrophe restoration business is the last thing on your mind, but the most important component in restoring and remediating your property and reducing your losses is time.
So, if calamity hits, contact the appropriate professionals at the appropriate moment.
Contact us on our phone number +1-416-252-5959 or email us at [email protected]