Water & Your Money
Posted on November 2, 2013 by bob in MoneyWise
This month we look at more ideas for saving money around the house. Preventing or avoiding repair issues at home can save a bundle. While we should be grateful for the modern convenience of running water, it is important that water only runs when and where you want it to. Otherwise, you can be looking at major damage. Here are some ways to avoid water damage.
Water heaters tend to be forgotten, though useful appliances. Often placed in closets, storage rooms, basements or attics, what happens if one leaks? Damage may remain undetected for some time, magnifying the cost of repair. At a minimum, put a catch pan under the heater and check it periodically. Preemptively replacing an old heater may be prudent. A more efficient model will lower energy costs while reducing the risk of a leak. Other cost-saving ideas related to water heaters are:
– insulating exposed pipes or the heater itself;
– using an electronic thermostat or manually adjusting the thermostat to conserve energy;
– draining the tank annually to remove efficiency-reducing sediment;
– testing the pressure-release valve.
It is a time-honored tradition to leave outside faucets dripping when a hard freeze is coming to prevent pipes in exterior walls from bursting, especially if you live in an older house. Insulated covers for outside faucets are also available, but to me they seem like a hassle and unneeded expense unless you will be away for an extended period during the winter.
Clogged drains are another potential source of water damage. Cleaning sink traps every year or two will help avoid this problem and is less likely to damage pipes than the use of caustic chemicals. Every home should have a “plumber’s helper” for occasions when extra pressure will clear a minor clog. For more involved situations, a pipe snake, available at any big-box home store, is a worthwhile investment that may help avoid paying a plumber.
Like me, you may have noticed that water bills in Montgomery have risen steadily for years, although your usage has not changed. Fixing routine faucet leaks may not save much on your water bill, but it can keep your sinks and tubs from showing the telltale signs of long-term drips. However, if your bill shows increased usage that you think strange, you may have a leak in the supply line coming to your house. This happened to me a few years ago. My bill showed a usage increase that we knew was out of line. I scanned the yard for signs of a leak but saw nothing. We turned off every faucet and outlet and checked the meter, which showed that water was flowing steadily somewhere. The plumber discovered a broken valve several feet underground in the line coming to the house. The repair cost several hundred dollars, but we also paid for wasted water a second month because I had not paid close enough attention the first month that the bill suggested the leak.
Some of the biggest avoidable household water damage events result from ruptured washing machine supply hoses, often when the resident is out of the house. You can imagine how much water is involved with a fully open faucet over a period of hours or even days. The hoses used to connect washers to the hot and cold supply faucets in a laundry area are specially designed to handle the constant pressure. It is a good idea to close these valves when leaving for an extended time. Keep in mind that the internal tension on these hoses is the same that your metal or PVC pipes sustain. For that reason you should never use a garden hose in place of a laundry hose. Still, laundry hoses do wear out and should be replaced every five years or so. Other hoses and supply lines around the house, such as for ice makers and dishwashers, may leak and should be checked periodically.
Next month: More preventive maintenance to keep costs down around your home.
Alan Wallace, CFA,ChFC, CLU
Alan Wallace, CFA, ChFC, CLU is a Senior Financial Advisor for Ronald Blue & Co.’s Montgomery office, www.ronblue.com/location-al. He can be reached at 334-270-5960, or by e-mail at alan.wallace@ronblue.com.
