Damages caused as a result of water in pipes freezing and bursting the said pipe can be significant. Annually, claims in North America and the UK total hundreds of thousands, and the average cost of each claim can exceed $20,000. Total insured losses across these markets regularly surpasses $1 billion year over year!
The value of real estate is rising, and as a result the costs of repair/remediation/replacement of these properties is increasing as well. In addition to this, the property value more often than not decreases by more than the amount of damages you incur, which ultimately affects the re-sale value.