The contacts in the humidistat should close when the dial is set higher than the actual humidity in the room. You can use a multimeter to confirm the humidistat contacts are closing. If the contacts do not open when the set humidity is reached, the humidistat is defective and should be replaced.
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If the home's humidity is already too high the humidifier has no way to lower it. A dehumidifier would need to be used to reduce the home's humidity.
Common
03 - Holmes Humidifier Water Inlet Valve
The water inlet valve is an electrically-controlled valve that opens to allow water to enter the humidifier. If water is continually flowing through the humidifier pad even when the furnace is off, the water inlet valve may be defective. Use a multimeter to test the valve for power. If the water inlet valve coil does not have power but there is still water running through the humidifier pad replace it.
If your windows have condensation on them, the home's humidity is too high. Verify that the humidistat is set properly. A normal comfortable humidity range in a home is between 40% to 50%. Refer to owner's manual for guidance.
Less Common
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