Why Leak Detection Is So Important For MultiFamily
Busy property managers don’t have time for a major appliance leak in one of their units. Most of the time property owners have not factored in the insane costs for repairs and displacing residents while repairs are done because of a major water leak. These type of leaks not only cause property damage costing thousands of dollar for the apartment where the incident happens, but also can also impact three to four properties below the unit.
You may not be aware that water damage is by far the leading payout for insurers, equating to 48% of all paid property claims. This fact has driven insurers to recognize the value of leak detection solutions, leading to the adoption of this technology residential dwellings.
According to Water Damage Defense, “14,000 in the U.S. experience a leak every single day. Additionally 98 percent of basements will experience some type of water damage. Shockingly the amount of water that can leak from a ½ inch pipe crack per day equals 250 gallons.
Astoundingly water leaks in U.S. homes can exceed 1 trillion gallons in one year.
In fact, water damage is big business for insurance companies. According to the Water Damage Defence, the annual cost to insurance companies from water damage and mold in the U.S. is $2.5 billion. On the micro level the average cost of an appliance leak insurance claim is $13,467.
In MultiFamily and student housing there are potential problems lurking in every apartment or dorm room. Seventy-five percent of water heaters will fail before they are 12 years old. The average age of a failed washing machine supply hose is 8.7 years, and how many property managers have time and bandwidth to focus on inspecting and replacing those in units with washers and dryers?
All of these reasons are why our team at STRATIS suggests our properties across the U.S. and Japan invest in leak sensing technology, which is tied into their existing STRATIS software.
If leak sensors are placed strategically in the unit, the property manager will receive a text message notifying them of a leak in the building. If a leak is attended to faster, obviously it will reduce water loss and damage.
In apartment buildings and student housing you often have vacant units where these leaks can occur and develop into much larger problems.
STRATIS provides properties minute by minute protection with piece of mind protection against leaks. To find out how to add STRATIS Leak Detection to your property please fill out the form on our Demo Request page.
STRATIS is an Inc. 5000 “Fastest Growing Company in America” and an Entrepreneur 360 “Best Company in America.” STRATIS enables smart apartments and intelligent buildings and is the only platform of its kind built for the complexities of multifamily and student housing. Since launch, STRATIS has installed in 275,000 apartments across the U.S. To get more information visit: STRATISIoT.com.