8/23/2012 - Water heater issues common, study suggests
While homeowners may not think of their water heaters as something that could cause a significant problem in their homes, a recent review of property insurance claims suggests regular maintenance is important.
According to the Insurance Institute for Business and Home Safety, one of the top five problems homeowners run into with their water stems from heaters malfunctioning. Of these issues, close to 70% are related to a slow leak or sudden burst that caused the heater to fail.
The reason why many of these problems occurred appears to relate to their age, as 95% of homeowners insurance
claims involving water heaters bursting were units that were 20 years or older, the IBHS noted. This suggests water heaters may need to be replaced after a given time period.
Having them replaced may be especially beneficial given the cost of having them fixed. On average, water heater breakdowns cost an average of nearly $4,450 after the deductible was paid.
The study was based off 700 water heater-related incidents from a random sample of 12,400 claims that had been settled, IBHS indicates.