In the last several years, the Florida property insurance market underwent numerous changes, arguably “Limited Water” being the most notable one of them, making it the new industry standard for water damage claims. The “Limited Water” provision limits the amount of claim payout to $10,000 and the source of the water damage must be from plumbing or an appliance.
Any homeowner could find themselves with water damage exceeding the $10,000 limitation and most carriers do not offer a “Full Water” buy back option. However, there is the option to install a ‘smart water monitoring system’ that will monitor your entire home’s plumbing. These systems detect leaks immediately and automatically shut off the home’s water to prevent catastrophic damage. FloLogic, LeakSmart and Roost are some of the most known companies on the market offering leak detection solutions.
Installation varies in price from plumber to plumber, and job to job. Fees can range anywhere from $200 to $800, which is in addition to the price of the device itself. Although, many insurance carriers will offer additional discounts on premiums when you install a smart water monitoring system.
Please contact your personal consultant at (561) 994-0880 to find out if installing a leak detection system could be beneficial to you as you may be eligible for an insurance premium discount.