Water damage costs growing
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The cost of household water damage in California continues to grow at a fast pace, while the volume of insurance claims for such damage is climbing modestly, a study by the nonprofit Insurance Information Network of California has found.
Remediation and construction costs largely accounted for the $66-million increase in water damage losses from 2001 to 2002, according to the survey.
By comparison, all other homeowner insurance losses increased by $58 million last year, about $8 million less than increased water losses.
The survey found that insurers have paid more than $2.3 billion in household water claims since 1997.
On average, individual water claims cost surveyed insurers $4,925 in 2002, nearly double the $2,537 average water claim at the beginning of the five-year survey period.
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