The Financial Costs of a Water Leak

Many homeowners do not comprehend how much damage a water leak can do. An unaddressed leak can lead to thousands of dollars in repairs.

There are so many items that are vulnerable to water damage in your home. A leak can result in damaged drywall, flooring, and woodwork.

In addition, leaks often lead to mold conditions. Mold remediation alone can cost up to $6000.

Learn more about the financial costs of a water leak, explore how water damage can impact your home, and find out what steps you can help you mitigate the risk.

What is the First Step?

After a significant leak, you might be wondering what to do next. It is an overwhelming feeling to have resting water in your home.

The first step is immediately hiring a professional clean up company. Mold starts to grow inside your home just hours after a leak.

A professional clean up company starts the process by identifying the source of the leak and stopping it. Next, attention is turned to extracting water from the home. They have the right experience and equipment to quickly rid your home of resting water.

The next step is to assess the extent of water damage. Lastly, they remove damaged furniture, flooring, or sheetrock. You cannot leave items like carpet and padding soaked with water due to mold concerns.

What Are the Financial Costs?

The costs of water damage depend on various factors. On average, removing an inch of water from a basement costs $4000. This includes pumping water out of the basement. It also includes using drying and de-humidification equipment in affected areas.

After resting water is addressed, the financial impact turns to mold and repairs. As mentioned in the introduction, mold remediation may cost up to $6000.

This is imperative to ensure your family is breathing high-quality air. The spread of mold can significantly impact your family’s health.

Other costs depend on the extent of the damage and what repairs are necessary. Hiring a carpenter is going to run you $70 per hour on average. Repairing hardwood floors cost up to $10.45 per square foot. Replacing carpet and drywall are other expenses that cost on a per square foot basis.

How to Prevent a Water Leak?

This is a nightmare scenario and very few are financially prepared to handle an expense like this. A professional restoration company has the technology to prevent disaster. Our leak detection services identify small leaks before they become more problematic.

Leak detection technology is used in various high-risk areas in your home. We inspect your plumbing and roof for potential leaks. Other sources such as walls and windows are also inspected.

The exterior of your home is also inspected for leaks. We have the expertise and tools to inspect crawlspaces and concrete slabs for leaks.

The Implications of Water Damage: A Recap

Clearly, water damage has the ability to wreak financial havoc. The costs quickly add up and can total well over $10,000. The best thing you can do to prevent this nightmarish scenario is to bring in a leak detection company.

If you have a water leak or want to prevent one, contact us today to speak with a specialist.