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Water damage from leaks or floods is the number one property insurance claim for homes. Burst pipes, leaking pipes, failed joints, cracked or failed hot water heaters, toilet tanks etc. can happen at any time causing huge amounts of very costly damage to property and structures. Water leak alarms can help to prevent, or at the very least limit the damage caused if and when a leak occurs. Many home insurance companies offer discounts to property owners with these types of alarm and prevention systems installed.