Frozen pipes can be averted through proper maintenance: U.S. institute

New York-based Insurance Information Institute (III) has reminded policyholders in advance of heavy snow forecast for several states south of the border this week that it does not take much frozen water to cause big problems.

Water damage can generate significant economic losses for homeowners and renters alike, notes a statement released Monday by III, a non-profit communications organization supported by the insurance industry.

Citing figures from ISO, a Verisk Analytics company, the institute reports that water damage caused by either frozen or burst pipes accounted for 22% of all U.S. homeowners insurance losses incurred in 2010.

“Even a small amount of water can cause serious damage to your home,” Jeanne Salvatore, senior vice president and consumer spokesperson at the III, says in the statement.

The institute reports that, in general, water that comes from the top down, such as rainfall, is covered by a standard homeowners insurance policy, while water that comes from the bottom up, such as an overflowing river, must be covered by a separate flood insurance policy.

In the U.S., the federal government’s National Flood Insurance Program notes that the average flood insurance policy costs about $500 a year.

Frozen water pipes represent the biggest potential problem for homes and, as such, pipes should be insulated, especially those leading to the outside. In addition, follow these four tips:

• ensure there is clear access to the home’s main water shut-off valve in case there is a leak, or a pipe suddenly bursts;
• when the temperature outside falls below freezing, open water faucets enough to allow a slow trickle of water (this will keep lines from freezing);
• check pipes under sinks to make sure they are getting adequate heat; and
• ensure the home’s heating system is circulating water through the radiator and baseboard heating units to avoid freezing.