Do not panic! The prime thing that should be done is to somehow stop the water from flowing beyond the leak point. All the stop valves should be turned off and in case the escaping water is still not under control then all the cold water taps should be opened immediately to drain out the storage and pipe work system. The most important thing is NOT to turn on any hot taps. Any electric
In case you are unable to close the shut off valve, contact your local city water authority immediately, so that water can be turned off at the main. If the water rises to the level of electrical cords and outlets, there is a possibility that it could be carrying an electrical current. Do not attempt to go near the water until you shut off electricity to the circuits affected. If you are unable to reach the breaker or fuse panel safely, have the power company shut off the electricity to your home.
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A plumbing emergency is just that; an EMERGENCY! It leaves no room for wasted time. A broken pipe, overflowing toilet, or flooded bathroom is a horrible and often unpleasant event.
Of course you would want a solution as quick as possible.