As temperatures continue to drop this week the likelihood of pipes freezing, bursting and causing damage rises, and homeowners should know there are steps they can take to decrease the risk.

According to State Farm Insurance, the average claim associated with water damage from a broken pipe is $15,000, and that number increased 33 percent between 2007 and 2008. Winter storms and extremely low temperatures cause about $1 billion worth of damage annually, according to the Insurance Information Institute.

Frank Martin at Lavender Mountain Hardware said the best way to avoid such costs is prevention, and he said he’s seen a lot of people buying materials to winterize their homes recently.

“People have been real concerned,” said Martin.

Most hardware stores carry special covers for protecting outdoor faucets (Lavender Mountain has currently sold out), as well as foam wraps that surround exposed pipes to provide insulation. Martin said shoppers have also been buying plastic to cover drafty windows to keep the heat in and the cold out.

He also recommends that homeowners with central heat make sure their air filters are clean, and that their outdoor unit has been serviced by a professional within the last 12 months. When the thermostat drops, the unit kicks on more frequently and works for longer stretches of time so it should ideally be in top working condition during the winter months.

“Just be cautious,” he said.

State Farm and Allstate Insurance offer these additional tips for protecting homes during the coldest winter months:

- Set the thermostat to 65 degrees for the ideal heating temperature.

- Make sure basements and/or attics are properly insulated to keep heat in and to protect pipes.

- Check pipes for cracks or leaks, as either can increase the chance of a pipe freezing. Repair or replace any damaged pipes.

- Allow faucets to drip with hot and cold water turned on to decrease the chance of either pipes freezing.

- Open cabinets under sinks to allow heat to reach any exposed pipes.

- When traveling for extended periods, have a professional drain the pipes and ask a friend or neighbor to check on the water system in your absence.

- Should pipes freeze, turn off water to the entire house as soon as possible to decrease the odds of a pipe bursting.