ACMO Blog


Say Goodbye to Costly Water Damage: Why You Should Consider Real-Time Monitoring Systems

 

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Asset owners and property managers have long been concerned about protecting their buildings from risks such as fire, carbon monoxide, and theft. To mitigate these risks, sprinklers, smoke and carbon monoxide detectors, cameras, and motion sensors have been mandated in many buildings. However, one significant issue that remains is water.

Water damage is the most significant problem in insurance due to the severity and frequency of claims. Water damage can be caused by various sources, such as leaking pipes and faulty appliances. In addition, the cost of repairing water damage can be astronomical, leading to other issues such as mould growth and structural damage.

All stakeholders involved, including property managers, owners, and residents, are all significantly affected by water damage. Property managers must proactively identify and repair water damage to maintain a safe living environment for residents and preserve the building's integrity. Failure to do so can lead to legal issues and financial losses for property managers and owners.

For residents, water damage can be a substantial financial burden. Repairing water damage is costly and can lead to further damage if not addressed promptly. Additionally, water damage affects the value of the property, making it difficult to sell or rent in the future. The building's residents are also significantly impacted by water damage. Water damage leads to displacement, loss of personal property, and health risks from potential mould growth. 

Installing IoT leak detection and real-time water monitoring systems in buildings is the best proactive measure to protect a building and its occupants. Technology can detect leaks and notify property managers in real-time, allowing them to take prompt action to prevent damage. By monitoring water usage in real-time, property managers can also identify areas where water is being wasted and take steps to reduce consumption, money, and water. 

133 Hazelton Ave, a luxury condominium in the Yorkville neighbourhood in Toronto, Ontario, has proactively installed Eddy Solutions’ system.

 

133 Hazelton Avenue in Yorkville, Toronto.
Image Credit: Sotheby’s International

"I manage three buildings, one of which, 133 Hazelton Ave, has Eddy installed, and I am presenting proposals to the boards to install Eddy for the other two buildings," says Jeff Stevenson, Sr. Condominium Manager with ICC Property Management Ltd. "This is because Eddy gives me peace of mind as a manager, knowing that I'll get a notification – whether it's a text or a phone call – and whether it's during the workday or at 2 AM on a Saturday, knowing that toilets are going to overflow and possibly ruin my next two months."

Another property example is Indigo Condominiums in Maple, Ontario. The recently built condominium by Pemberton Group has also installed Eddy Solution's water protection as a service, protecting their buildings from water damage and reducing water waste.

 

Indigo Condominium in Maple, Ontario.
Image Credit: Strata Real Estate Brokerage

"Water is a common issue in condominiums; I've seen this over and over in my experience as a property manager," says Ted Blomme, Property Manager with Crossbridge Property Management. "Water escapes and causes damage, and residents are, at best, inconvenienced and, at worst, displaced completely."

As a recent CTV News article highlights, Irene Ricci, the owner of a condominium unit in Etobicoke, Ontario, knows first-hand the inconveniences of a condominium flood. Ricci's condo unit flooded in March 2022 when a supply line for the toilet burst off, and she was away for the night. The damage was significant - Ricci's unit is on the fifth floor, and water damage seeped through to the units below, all the way down to the first floor.

Ricci and her condo had insurance, so she thought everything would be looked after. However, two years prior, her building had raised its insurance deductible, something Ricci said she was never made aware of. Leaving her on the hook to pay an additional $27,657 to cover the costs of the damage.

If Ricci’s building had Eddy’s system installed, a notification from a 24/7 call centre would have been sent to the property managers. And despite her being away, the leak might have been caught before any significant damage occurred. Leaving only a minor spill to clean up, rather than a substantial restoration and renovation to several floors with a total cost of approximately $300,000 to the condominium.

Act now and take advantage of our limited-time offer! Contact us within 30 days and enter a leak detection agreement within 90 days to receive 3 months at 50% off. Take advantage of this incredible opportunity to save big while protecting your property from costly water damage. Contact us today at Eddy Solutions and mention ACMO to get started!