Whether you're dealing with a leaking pipe or a flooded basement, peeling paint in your home should never be ignored. While water damage is a nuisance, it can also cause significant safety concerns, including mold. Despite this, many homeowners overlook the signs of water damage and risk further damage. However, knowing the signs of water damage can help you avoid unnecessary expenditures and ensure your home's safety. Peeling paint is an obvious sign of water damage and can be easily repaired by following the four steps outlined below.