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2024 Water Damage Restoration Industry Statistics

a room with damage and ceiling falling

Are you curious about investing in your own water damage restoration franchise? Operating your own PuroClean restoration franchise could be an excellent opportunity for you and your family. There are many interesting water damage restoration industry statistics that show just how common water damage is, and that there will always be a demand for someone to set things right when the unexpected happens. 

Here are just a few notable statistics and observations:  

  • For the past 25 years in the U.S., an urban flooding event occurs every 2-3 years 
  • Across the country, flood losses cost an average of $10 billion per year 

It’s also worth pointing out that, overall, the cost of water damage claims has substantially increased in recent years: 

  • Water damage claims over $500k have doubled since 2015 
  • Claims over $1 million have tripled in the same time frame 

Water damage is a major concern for many homeowners, ranking as the second most common home insurance claim. Many homeowners have also decided to opt in for additional flood insurance coverage.  

Causes of Water Damage 

While many people primarily think of flooding and storms as the culprits behind water damage, most instances actually occur due to issues within the home. Some common causes of water damage that happen at home include: 

  • Faulty plumbing or frozen or corroded pipes 
  • Leaky roof or clogged gutters 
  • Sewage backup or sump pump failures 
  • Appliance, faucet, AC or water heater leak 

Not all water damage is that severe, but even a small leak can waste a large amount of water and require expensive repairs: 

  • 10% of homes with leaks waste 90 gallons of water a day (imagine breaking a 90-gallon aquarium in your living room!) 
  • Annual water wastage from a common household leak is equivalent to 600 showers or 270 loads of laundry 

All of that water has to go somewhere, and even one inch of water in a single floor in a small home can cost more than $11,000 in repairs. During their lifetime, 98% of basements will expect to face some kind of water damage. With the median age of a U.S. house being 40 years, the vulnerability from aging pipes, appliances and structures becomes more likely. 

Severe Weather on the Rise? 

Although leaks in roofs, water heaters and toilets, as well as other plumbing issues, are common causes of water damage, weather-related damage is still a constant threat. Recent trends also suggest that severe weather could become more common.  

According to climate.gov, 2023 was the worst year on record for the number of billion-dollar disasters in one calendar year. It had 28 weather and climate disasters, including flooding and other severe weather incidents, costing a minimum of $92.9 billion. It passed the previous record of 22 disasters in 2020. If we take a slightly wider look, the total cost of weather disasters in the U.S. in the past five years has climbed to a staggering $603.1 billion. Since records began in 1980, the cumulative costs for all 376 disasters exceed $2.660 trillion. 

Between 1996 and 2019, 99% of U.S. counties were affected by a flooding event, and emergency water damage repairs are often even more expensive than regular repairs. 

Eastern United States is seeing more intense rainstorms, with approximately 70% more heavy downpours each year. Based on National Flood Insurance Program payouts since 1978, the top ten most significant flood events have all taken place in the past 23 years. Higher seas can also lead to more flooding during hurricanes, rainstorms and hightides, and since 1950, the ocean has risen 6.5 inches across America. 

Certainty in Uncertain Times 

If the last few challenging years have shown us anything, it’s that the future is less certain than ever before, and we can’t know what tomorrow will bring or how those changes might affect our businesses or livelihood. The demand for recession resistant business opportunities has never been higher, and the restoration industry might be just what you’re looking for.  

If you are one of the many people searching for recession resistant franchises to invest in, look no further than PuroClean, “The Paramedics of Property Damage®.” Now is the perfect time to open your own franchise and provide unmatched professional property damage repair services to your community. 

Not Just Water Damage 

Of course, PuroClean offers many more restoration services beyond water damage. In addition to water, the threat of fire and smoke damage is constant for homeowners in the U.S. Property damage accounts for 97.8% of home insurance losses incurred in 2022, with fire and lightning accounting for 21.9% of property damages. The average claim severity for fire and lightning is the highest of all property damage, with an average of $83,991

PuroClean continues to be one of the nation’s most trusted names in property restoration. If you are considering starting your own fire and water damage restoration franchise, PuroClean will have your back every step of the way. 

This support begins with the highest level of training in the industry at our company training center, the PuroClean Academy, which features a state-of-the-art Applied Structural Drying (ASD) facility that has been approved by the Institute of Inspection, Cleaning and Restoration Certification. The facility forms the backbone of the practical hands-on training that all PuroClean Franchise Owners receive, but in addition to the know-how required to do the job, PuroClean will also teach you how to provide restoration services professionally, ethically, and with compassion.  

Our Focus Is on People 

Our focus on people is what sets PuroClean apart, and we know that owning your own property restoration franchise is about more than simply earning money – it’s an opportunity to make a real difference in your community and lead a purpose-driven life. Instead of simply running a business, you can provide a valuable resource for people in their time of need. 

Regardless of where you are located there are opportunities for you to open the newest PuroClean franchise location and begin making a difference for yourself, your family, your neighbors and your community. Water damage restoration industry statistics show that the demand for these services is constant, so what are you waiting for? 

Take the next step in your life, and contact us today or download a free franchise information kit