Water damage is one of the most expensive and most frequently reported property loss claims filed for commercial properties every year. Water damage causes billions of dollars in financial losses.
One way to measure the severity of damage is the number of stories there are in a building. A leak from a top floor in a high-rise building can flow down several stories undetected, causing extensive damage.
Although water damage can be expensive, real estate owners can employ several strategies to prevent and minimize its risks.
One new strategy that is gaining momentum is to use IoT technology to help reduce potential losses at commercial properties. Using state-of-the-art devices connected to a network, property managers and maintenance staff can collect, share, and act on information in real-time before a water event occurs.
Some examples of the devices that can help prevent water damage include water sensors to detect the presence of water. The device can then send out notifications via text or email, so that property managers or real estate owners can quickly assess the situation.
In addition, flow monitoring systems placed near a water meter can detect unexpected or unusual flows.
A water sensor or flow monitor can also trigger automatic shut-off switches to prevent inadvertent water flow. IoT can also monitor temperature and humidity changes to detect potential mold conditions or identify freeze conditions before a pipe burst.
With IoT devices, the technology will always be available to protect the property from unnecessary repairs, accidents, and even forecast any problems from occurring. This will bring significant cost savings to real estate owners and property managers–and make the property more lucrative.