Zurich's new white paper on water damage prevention is worth the read.   A 2010 Zurich claims study found that more than 60% of water damage claims could have been mitigated or prevented.  

Here are some excerpts from the report itself: 

Unless your property portfolio consists of a handful of tents in a desert, it’s likely that you have a medium to high level of risk exposure to water damage. Based on the experience of Zurich risk engineers, several factors make a property more vulnerable to water-related losses.

First is the age of the structure. Typically, buildings that are 20 years of age or older are likely to have a higher risk profile. At that point in a building’s lifecycle, significant wear and tear usually has occurred on exterior envelope and interior infrastructure. Piping and other systems in older facilities are more prone to failure.

High-rise apartment buildings or hotels also tend to have more water damage exposures. Individual apartments or units can have their own combined pressurized hot water and heating systems, and a failure in just one can lead to a large escape of water. More high-tech installations such as steam showers, jacuzzi spas, soaking tubs and built-in water coolers can contribute to the potential for water leaks.

Another factor that raises the potential for significant water damage is the use of new construction materials other than the traditional concrete and steel. More structures are being constructed using materials like concrete forms, modular assemblies and engineered timber. Some of these newer materials are not always installed to the highest standards that have evolved over time with concrete and steel installations, or have the cladding necessary to protect from water seepages.

If your property is located in an area of the country where intense seasonal storms like hurricanes occur, or where natural geographic events such as earthquakes occur, it goes without saying that there is a higher potential for water leaks and infrastructure failure such as pipe breaks.

Last, but not least, any building where regular maintenance of the roof, windows, plumbing and HVAC is being deferred faces the potential loss of structural integrity. Deferred maintenance can lead to serious – and potentially catastrophic – water damages.

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