- Water damage is the third-leading cause of property damage claims in the United States.
- The average cost of a commercial water damage claim is $89,000.
- Water damage claims costing more than $1 million have tripled since 2015.
- The most common causes of commercial water damage are leaks, pipe bursts, and flooding.
- Roof leaks, toilets, sprinklers, and water heaters are the top 4 sources of commercial water damage.
- Commercial buildings in densely populated areas are at a higher risk of water damage.
- Water damage can cause significant financial and operational losses for businesses.
Here are some additional statistics that you may find interesting:
- In the United States, 14,000 people experience a water damage emergency at home or work each day.
- 98% of basements in the United States will suffer from some type of water damage during their lifetime.
- Water damage and mold cost the insurance industry $2.5 billion dollars per year.
- The average cost of repairing water damage is $2,500 for a small leak and $50,000 for a major flood.
- Water damage can take weeks or even months to repair, depending on the severity of the damage.
