Water continues to be the most prevailing and costly risk facing all types of property. In 2013, water damage accounted for approximately 44% of total claims costs; by 2018 water damage claims had risen to over 60% of total insurance claims costs. Enter Eddy Solutions. Eddy’s system fully protects homes and building assets with IoT enabled water monitoring and leak detection. Our comprehensive suite of products and services empowers property/building management with the necessary tools and data to both mitigate acute water damage risks and prevent future events from occurring. Our IQ is an ultrasonic water meter with leading resolution and includes a built-in full port ball valve that provides automatic and remote shut off features. Our wireless H2O sensors track humidity, temperature, and the presence of water. Our Link interfaces with existing meters to track consumption and can be coupled with a shutoff valve for large pipe sizes. To connect our solution in buildings, where Wi-Fi and cellular reception can pose issues, we employ a LoRaWAN network. LoRaWAN (short for Long Range Wide Area Network) is a low power, extremely low bandwidth radio network technology, ideal for high interference environments such as those inside a multi-unit residential building.
Consumer Benefits:
Water damage is the biggest risk to a home. Most homeowners do not realize that water accounts for half of all property claims. Water damage can come from nearly anywhere in a home and when it strikes, it often results in stress, inconvenience, and large, unexpected costs.
Eddy’s IoT powered leak protection system protects a home against water damage. Our IQ is installed directly on a home’s water main and uses machine learning to understand normal water usage in a home and tracks all usage to determine if there is a leak or other anomaly.
When an issue is detected, the IQ sends a notification to the homeowner through our App. The homeowner can shut off water from anywhere in the world, and if they miss an alert, our automatic shutoff is deployed to ensure the home is completely protected. The IQ can also be paired with our H2O sensors, which are placed next to water appliances and detect the precise location of a leak. Eddy protects against a homeowner’s biggest risk, while giving valuable insights into the water usage in a home.
Builder and Contractor Benefits:
In March of 2019, our system was installed in a 20 story apartment building. In less than 14 days, the system caught a major leak between the 5th and 6th floor riser stack. The property manager was immediately notified, and the water shut off to the affected area. Instead of a multi-million dollar loss, a plumber was immediately dispatched and the leak repaired.
With the significant risk of water damage, builders and contractors must look for proactive ways to completely protect their property. Water damage impacts more than just property – during the construction phase, it has the capability to set a project back and result in substantial cost overruns. In an occupied building, it’s the inhabitants that suffer – with damage property, inconvenience, and in some cases, displacement. While insurance covers some of the loss, carriers are cracking down on water damage as a risk.
Insurers are requiring more underwriting information and implementing tighter controls for insurance policies on buildings of all types. In some situations, water damage deductibles will be higher than all other perils. Eddy’s system works. IoT enabled leak detection provides information and controls to mitigate water damage, resulting in reduced costs.
