For Canadian condo buildings, owners and insurers, water damage is a growing problem. Water damage insurance claims increase every year, as do the costs of building materials to repair, replace or rebuild. Insurance companies are responding with sizable hikes to condo insurance premiums. In today’s market, condo owners may even have trouble finding insurance coverage if their building has a history of numerous water damage claims.
Why do condominiums have so much water damage?
Every household occasionally has to deal with a hot water tank leak, a faulty washing machine hose, a sink, tub or toilet that overflows. In a condo tower, such a leak can go unnoticed and then come flooding through the ceilings of units 6 floors below. Water finds its way down from the roof, stronger storms than ever pound rain against balconies and window frames, an old pipe bursts in a wall somewhere – in a condo tower, any one of these events can cause many thousands of dollars in damages spread over multiple floors.
Why is this a growing problem?
Since the 1960’s, condominiums have been a very popular way to live in Canada’s urban centres. So popular, they were often built quickly to meet the demand. Many are now decades old and could use a massive upgrade. With older pipes, connections, roofing and window seals, water damages are waiting to happen.
Water is the new fire
People in the property insurance industry often say, “Water is the new fire”, because over 60% of insurance claims are now for water damages - more than fire and theft combined.
With climate change, we all know how catastrophic losses due to natural disasters have increased dramatically over the last decade in Canada. But insurance industry experts say a sharp increase in water damage caused by aging and inadequate pipes is actually costing more.
In a recent interview with Canadian Underwriter, April Pittendreigh, vice president of national claims at the insurance and risk management firm Gallagher Canada, explained the severity of the problem: “…water claims have more than doubled since 2015. But if it’s a large water damage claim — like in a high-rise building in metro areas — those claims cost numbers have tripled since 2013.”
A SIMPLE AND AFFORDABLE SOLUTION FOR ALL
GardaWorld’s NOWA360 is the answer to water leak detection and control in condos
How to reduce the threat of escalating water damages for Canadian condos?
GardaWorld is proud to recommend and represent the NOWA360 line – a 100%-made-and-tested-in-Canada solution for water leak detection and control in condominiums.
The NOWA360 detects and stops water leaks in a matter of seconds.
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Small sensors are placed wherever there are potential risks of leaks.
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Each sensor can detect a spill as small as a glass of water.
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The sensor alerts the master control which shuts off the appropriate water entry.
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The owner and security will be notified, but the leak has already been stopped.
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Insurance companies are lowering premiums for condos installing the NOWA360.
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The system notifies you every 10 years when the lithium battery is low.
Protect your property and eliminate water damage with the NOWA360 leak detection and instant water shut off features. Maintain control and oversight of an entire building through system connectivity and notifications.
For more information, contact us.