The following article was written in association with Moen.
Over the past five years, the cost of rebuilding and repairing homes has surged dramatically, presenting challenges for both homeowners and insurers. Statistics Canada’s October Consumer Price Index (CPI) revealed a 66% increase in residential building construction costs since 2019 - far surpassing the national inflation rate of 19%. This sharp rise has driven home replacement costs up by 24%.
A key factor behind this increase? Canada’s growing vulnerability to weather disasters. The 2024 natural catastrophe season was one of the most destructive on record, with estimated damages exceeding $7 billion.
While these disasters cannot be fully prevented, there are proactive measures that can be taken to significantly reduce other more preventable claims, such as water damage from leaks. Jerry Fairborn (pictured), national sales manager, commercial, at Moen, recently spoke with Insurance Business about how the company’s innovative solutions are reducing costs and protecting Canadian homeowners from water-related risks.
With water leaks being one of the leading causes of preventable insurance claims each year, Moen’s Flo Smart Water Monitor and Shutoff offers a proactive solution to safeguard homes against water damage.
“Installed on a home’s main water supply line, this smart solution operates 24/7, continuously monitoring for abnormalities in water usage. In the event of a potential issue, such as the beginnings of a catastrophic leak, the device can automatically shut off the water supply, preventing extensive damage,” explained Fairborn.
By preventing water damage before it occurs, devices like the Flo Smart Water Monitor and Shutoff can significantly reduce high claims costs for insurers while sparing homeowners the stress and cost of repairs. Many insurance companies even offer premium discounts to homeowners who install Moen’s devices, creating a win-win scenario for all parties.
Moen’s water management solutions stand out for their comprehensive, whole-home approach.
“The Flo Smart Water Monitor and Shutoff uses advanced technologies like FloSense™ 3.0 and MicroLeak™ Technology to detect even the smallest leaks, as little as one drop per minute,” revealed Fairborn. “The system also monitors changes in water pressure and flow, alerting homeowners to potential issues before they escalate,” he continued.
The Moen Smart Water App enhances this functionality, allowing homeowners to monitor and control their water systems remotely. Additional products provide further protection, such as the Smart Leak Detector to provide targeted monitoring in areas prone to leaks, and the Smart Sump Pump Monitor to protect against sump pump failures.
As winter approaches, homeowners with the Flo Smart Water Monitor and Shutoff can take advantage of advanced features like Winterize Mode, if they have other Moen smart water products installed. Designed for use during colder months when homeowners are away, this feature manually shuts off the home’s water supply and purges water lines through the Smart Faucet and Smart Shower, reducing the risk of frozen pipes and potential water damage.
Investing in Moen’s smart water products offers a range of long-term advantages. These devices provide continuous protection against water damage while promoting water conservation and lowering utility bills by tracking usage by fixture type.
In a time when repair costs and insurance premiums are rising, Moen’s proactive solutions offer peace of mind and financial savings. “Moen’s smart water security products are a prime example of how innovation can enhance home protection. By partnering with insurance companies, Moen is helping homeowners embrace prevention strategies that reduce risks and potentially lower premiums,” Fairborn emphasized.
By combining cutting-edge technology with a commitment to home safety, Moen is empowering homeowners to take control of their water systems, reduce risks, and mitigate the financial impact of water-damage-related repair costs.
