Your homeowners insurance includes coverage for a comprehensive list of perils – including some types of water damage. Once you have purchased your coverage and satisfied the insurance requirements of your mortgage lender, it is easy to assume the risk of a major financial loss is long gone. Unfortunately, that is not the case. Continue reading to find out which types of water damage are covered by your homeowners insurance, and which ones you might need extra protection for.
What’s Covered: Overflow and Discharge
Your nephew took a bath in the upstairs bathroom and left the water running after getting out. There’s water leaking through the first-floor ceiling, and the laminate floors on the second floor are starting to buckle. Are you covered?
Fortunately, homeowners insurance typically covers water overflow so long as it is not caused by a drain blockage. Likewise, it generally takes care of most water ‘accidents’ that occur suddenly and not as a result of poor maintenance. So the next time you discover a leaking pipe behind your kitchen wall or a dishwasher overflow that has damaged your cabinetry, do not fret. Chances are, you are covered.
Recommended Additional Coverage
Though you may already be covered for overflows and water discharge, there are some other scenarios in which you may still be vulnerable. We recommend the following additional protection to minimize your financial exposure to water-related losses.
Sewer Line Backups
Your home has multiple sanitary lines that carry waste away from your property. When something inside those lines prevents sewage from draining properly, it can cause a backup into your home. Not only is this a health hazard, but it can also inflict costly damages.
Some of the most common causes of sewer and drainage line backups include:
- Aging and deteriorated pipeline materials
- Blockages caused by invasive tree roots
- Combined sewer and storm drain pipelines
If you own a home, you are at risk of a backup. Unfortunately, homeowners insurance typically excludes coverage for backups. However, you can acquire coverage for these types of scenarios by adding an endorsement to your policy. Contact an independent agent here at Frydach Insurance to find out if additional backup protection is right for you.
Flooding
When water comes pouring into your home over the foundation, dollar signs start to appear. That is because just 2 inches of flood water in a 2,000 square-foot home can cause more than $20,000 in damages. Your homeowners insurance will not pay for the repair and clean-up costs, and chances are you do not want to be responsible for that kind of expense yourself. You might have limited access to some federal emergency assistance if the flood is declared a disaster area, but even then you will probably be responsible for repaying any money you receive as a loan with interest.
Purchasing flood insurance for your home and its contents could save you thousands of dollars in future flood damage costs, and you may even qualify for low, affordable premiums if your property is eligible for a preferred policy. Even if you do not own a home, you might still benefit from flood protection for your personal belongings.
Flood insurance is provided through the National Flood Insurance Program, and premiums are calculated based on your assessed flood risk via the Fema Flood Map Service Center.
Only a licensed agent can help you obtain flood insurance. Contact an independent agent here at Frydach Insurance to find out more. Keep in mind that there is a 30-day waiting period before new flood insurance policies become effective unless your coverage meets certain requirements. Waiting to purchase coverage could leave you vulnerable to unexpected flood damage, so do not delay.
