Water Consumption: Leaks, Flood Detection and Prevention

“Water is the new Fire” is a common expression among insurance companies as water damage claims account for more than 60% of all insurance claims in Canada, totaling between $4 – $6 billion annually and almost double of what they were less than ten years ago. Industry experts now say that the sharp increase in water damage costs is caused by aging and inadequate infrastructure exceeding the cost of natural disaster weather damage. Dated buildings and aging infrastructures are simply ill-equipped to handle and keep up with urban population growth and our significantly larger modern towers. There are many points in a condo unit or apartment where water may leak including toilets, dishwashers and washing machines. Toilets alone account for approximately one-third of all indoor water usage in multi-unit residential buildings, and it is estimated that approximately 20-25% of all toilets in North American experience undetected leaks at any given time. Unintended forced water consumption results in the loss of billions of dollars in Net Operating Income (NOI) each year. These unit-related risks, along with a building’s aging infrastructure and plumbing, can cause significant damage to multiple units, floors and other common areas.