The Massachusetts Supreme Judicial Court ruled that rainwater accumulating on roofs does not constitute “surface waters” under property insurance policies.
Tag: water damage
The Hanover Finds Homeowners Vulnerable to the Threat of Water-Related Damage
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.
Floods, Other Water-Related Disasters Could Cost Global Economy $5.6 Trillion by 2050: Report
Droughts, storms, and torrential rain in some of the world’s largest economies could cost the global economy $5.6 trillion by 2050, according to a report released on Monday. Heavy rains have caused floods in China and South Korea, as well as disruptions in water and electricity supply in India, while drought has threatened farmers’ harvests… Continue reading Floods, Other Water-Related Disasters Could Cost Global Economy $5.6 Trillion by 2050: Report
Chubb Survey Identifies Homeowners, Renters Risks Including Water Damage
A new Chubb survey explores the attitudes, behaviors, and purchasing decisions of U.S. and Canadian homeowners and renters on their current and future residences and has found that unintentional damage—especially water risk—continues to be an overlooked risk. According to the fifth annual survey, 44% of U.S. homeowners experienced water damage in their home in the… Continue reading Chubb Survey Identifies Homeowners, Renters Risks Including Water Damage
Rising Great Lakes Have Homeowners Moving Back from Water; Millions in Damages
It took less than eight hours for wind-whipped waves surging off a record-high Lake Michigan during a recent storm to shorten Charlotte and Rudolf Brengel’s backyard by 40 feet. The erosion transformed what was a grassy slope to the shoreline into a cliff with a 12-foot drop, taking out a lakeside deck and stopping about… Continue reading Rising Great Lakes Have Homeowners Moving Back from Water; Millions in Damages
Data Show Homeowners Claims for Water Damage from Inside Leaks Have Surged
More American homes are flooding from the inside. Old pipes and valves, worn-out hoses on second-story washing machines and faulty connections for a proliferation of water-using appliances are causing a surge in increasingly expensive damage reported to insurers. The increase has occurred even as many other types of claims—including fire—have declined in frequency, according to… Continue reading Data Show Homeowners Claims for Water Damage from Inside Leaks Have Surged