Install FloodStop Water Heater Auto-Shutoff Valve FS3/4NPT
This describes operation and our Install of an Auto-Shutoff FloodStop Valve that is activated by a water sensor. This will shut the water supply going to the Hot Water Tank when the water sensor is activated and prevent a flood when the tank eventually leaks.
My model valve is here http://www.amazon.com/Floodstop-Auto-Shutoff-FS3-4NPT-v4/dp/B00EA426X6/ref=sr_1_2?ie=UTF8&qid=1464173816&sr=8-2&keywords=flood+stop
Once the water supply is shut any water in the tank will leak into the catch tray, then into sump and be safely removed without causing water damage. The Floodstop valve has battery backup in case there is a power failure. I figure this precaution would be cheaper that an insurance claim deductible.