How Much Can a Leak Cost You?

12/31/2018 (Permalink)

A dripping faucet can be annoying, but even a steady drip isn’t going to make that much difference in your water bill. A water leak due to a damaged pipe, however, can send your monthly utility cost skyrocketing, especially if it goes undetected for a while. The spike in the water bill for your commercial property in Rego Park, NY, while potentially significant, may be the least of your financial worries, though.

1. Wasted Water

No business owner likes waste, particularly when it is expensive. Depending on how much water gushes out after a pipe break, you can spend $200 or more a day in added water costs. This relatively small amount adds up quickly the longer it takes you to find and repair the leak. Always be on the lookout for damage, such as ceiling tiles with water spots, particularly if they start dripping onto the floor below.

2. Structural Repairs

If a water leak intensifies or gets larger, your building is likely to sustain some water damage. This is where the problem starts getting more expensive. In addition to the extra utility costs, you may also have to cover repairs. Even if the water is clean, once the water saturates parts of the structure such as the drywall or floorboards, water restoration specialists will likely need to be called to tear out and replace the ruined materials.

3. Secondary Damage

When you have a leak, time is not on your side. You are on a race against the clock to turn off the source of the water, call the experts and get repairs underway before mold starts to grow. Fungus can infest the surfaces where it finds adequate food and water in as little as 24 hours. Because mold growth is preventable with quick action, your insurance company may not cover mold remediation under your standard property policy, which means you could have to pay for the cleanup yourself.

A water leak is not something you want to ignore. It can end up costing you thousands of dollars in utilities and repairs.