The most common signs of water damage in a home include discoloration on ceilings, walls, or floors, peeling paint or wallpaper, and musty odors indicative of mold growth. You may also notice warped floors, sagging ceilings, visible mold spots, increased utility bills, damp or wet carpets, rust or corrosion on metal fixtures, and sounds of running water when no taps are on. These indicators suggest that damage has occurred and you need water damage restoration.