Prevent water damage rather than cure it

By February 20, 2019News

PRESS RELEASE

Prevent water damage rather than cure it

Montreal, January 29, 2019 – In recent years, many homeowners have seen their home insurance premiums and deductibles increase significantly; others simply cannot obtain insurance against water damage. This is explained by the fact that water damage represents the largest portion of claims compensated by damage insurers.

Currently, the customers most affected are those of condominiums: according to the Insurance Bureau of Canada (IBC), more than 80% of claims compensated by insurers in this sector correspond to water damage. Several insurers have left the niche, which has become unprofitable. Those who remain have had to increase premiums and deductibles to account for the increased risk of water damage in condo buildings.

Solutions

The arrival on the market of companies specializing in the manufacture, design and installation of water damage prevention systems now offers proven ways to prevent what is now a real plague.

In order to bring together the various stakeholders in the field, the Quebec Water Damage Prevention Association ( PREVDEQ ) has was founded and is its spokesperson. The PREVDEQ’s mandate is to make the public aware of reliable solutions for preventing water damage, to act with damage insurers and government authorities to promote this type of prevention and to offer its members tools allowing improve the quality of products and services in the market. Its members must of course comply with all applicable laws and regulations, in addition to adhering to a code of ethics encouraging honest marketing practices, fair representation and healthy competition.

The structure of PREVDEQ includes three categories of members.

  1. Installer members

Companies whose primary mission is to provide water damage prevention services and systems to the public and businesses

  1. Partner members

Companies providing services to members, such as manufacturers and distributors of components used in the design of water damage prevention systems, as well as insurance brokerage firms and other business entities wishing to publicize their services to PREVDEQ members and the public

  1. Insurance partner members

Companies offering damage insurance

Economic and environmental benefits

The installation of water damage prevention systems could have an impact on insurance premiums, since claims paid by the insurance industry would be lower.

But that’s not all. “These installations are also of significant environmental interest,” says PREVDEQ President Gilles Fréchette, “since they reduce the waste of drinking water and the waste that goes hand in hand with any demolition / renovation work. “

Information

Gilles Fréchette

514 999-0242

info@prevdeq.org