One issue with leaving the heat and water on if you have forced hot water heat. Had this happen when I was home; can't imagine the damage if I were gone.
I had a diaphragm rupture on the expansion tank in the heat line. This tank maintains a constant pressure throughout the normal heating/cooling of the the boiler water. With no dampening, the pressure/temp relief lifted and drained boiler water to the basement. The loss was made up by the house water system. In a matter of a half hour, I had an inch of water on the basement floor.
Shutting of the house water will limit the flooding. Eventually the low pressure or high temp safeties will shut down the boiler which may lead to frozen heater pipes, but no big flood.