Water damage claims cost the multifamily property industry thousands of dollars every year. According to a study, installation of an effective leak mitigation system can reduce water damage claims by 97%.

Existing buildings that are not yet fitted with leak detection systems normally rely on things like routine plumbing inspections to catch any potential leaks or areas in which water is being wasted. Not only is this process time consuming, inconvenient (especially for tenants), and inefficient, it also allows for a small leak to worsen over time until the next routine inspection is completed, at which point the water damage can be costly to repair and potentially have even resulted in mold growth.

Mold remediation and temporary vacancies for tenants can be two of the most frustrating (and expensive) results of not installing a leak mitigation system.

With so many property managers now on board with using IoT solutions to help them catch and address maintenance problems, why would you not want to do the same?

In short, a smart leak mitigation system consists of installing leak sensors in multiple areas of individual units throughout a building and will automatically notify the property manager the moment a leak occurs.

It is recommended that leak sensors are installed in hidden areas, such as under sinks and behind appliances and toilets – areas that a tenant wouldn’t easily notice if a leak was present. They can also be placed in less accessible areas, such as on pipes that are underground or in the walls. The instant a leak is detected, the sensor delivers an alert through the property manager portal which allows them to immediately dispatch the appropriate personnel to address the issue – avoiding any costly water damage to property.

Another significant benefit of having a leak mitigation system installed is lower insurance premiums for properties.

Insurance companies make around $2.5 billion per year from water damage claims. They know that leaks are a common issue in multifamily buildings and how expensive they can be to repair, so they will often take advantage by charging an extremely high premium. If you can show your insurance provider that you have implemented smart technology that will reduce the chances of water damage occurring, they will normally reduce your insurance premiums – saving you even more money.

Lower insurance costs, avoiding mold remediation, and reducing your water and utility bills – these are just some of the many benefits that come as a result of installing a leak mitigation system throughout your building. Reach out to our team today to learn more about TrustHab’s effective leak sensors and how easy it is to have them installed in your units.

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