- Winterize your Property Insurance Risks
- January 27, 2016 | Author: Talley H-S Kovacs
- Law Firm: Pessin Katz Law, P.A. - Towson Office
- Talley’s Tip: The cold may very well be here to stay. So, it’s a good time to turn attention to pipes and roofs and try to minimize the risks that come with unusual weather, ice and snow.
According to the Insurance Institute for Business and Home Safety (IBHS), extreme winter weather is the third-largest cause of insured catastrophe losses after hurricanes and tornadoes. The Insurance Information Institute (I.I.I). estimates that losses from snow, ice, freezing temperatures and related causes averaged $1.2 billion annually over the past 20 years.
If you own property, frozen or overflowing pipes can cause major havoc to your home or business. Water pipes in houses in southern climates often are more vulnerable to winter cold spells. IBHS research shows that a burst pipe can easily cause $5,000 or more in water damage, some of which may be excluded from coverage depending on the provisions and exclusions of your commercial or homeowners policy. IBHS offers up the following best practices:
- Provide a reliable back-up power source to ensure continuous power to sump pumps;
- Insulate all attic penetrations;
- Ensure proper seals on doors and windows;
- Seal all wall cracks and penetrations.
When away from the house for an extended period during the winter, be careful how much you lower the heat. A lower temperature may save on the heating bill, but there could be a disaster if a cold spell strikes and pipes that normally would be safe, freeze and burst.
- Prevent Frozen Pipes - http://disastersafety.org/wp-content/uploads/Freezing-Bursting-Pipes&under;IBHS-White.pdf
- Safely Use Alternative Heaters - https://disastersafety.org/ibhs-risks-freezing-weather/alternative-heating-sources-wood-stoves-fireplaces-space-heaters/
- Infographics - https://disastersafety.org/ibhs-risks-freezing-weather/winter-infographics/