A burst water pipe can cause extensive damage to your home, especially during winter cold spells when water pipes are prone to developing ice blockages. To prevent a burst pipe from causing significant damage, it is crucial to act quickly. First, locate the main water supply and shut it off to stop the flow of water. Leaving the faucets open will help drain the pipe and relieve any remaining pressure. Next, ensure the pipe is repaired by a professional plumber to avoid further complications. Remove any standing water promptly using a wet/dry vacuum, and move waterlogged items to a dry place. Set up fans or a dehumidifier to dry out the area completely, preventing future issues with mold and mildew. Document the damage and contact your insurance agent to start a claim and find a water mitigation contractor if needed.