Global Courant
Water damage insurance in your home is often part of your general homeowners policy. Your insurance may cover losses resulting from a burst pipe or appliance that leaks, but it may not if you are exposed to a flood, tornado, or hurricane.
You need a separate policy for this cover. Unfortunately, many homeowners realize this much too late. You can choose how much cover you purchase, but you will receive the extra cover.
Before purchasing your policy, determine how much you actually need. Do you want replacement value coverage or just current value coverage? There is a big difference. If you only buy current value it pays based on what your used items are worth, it doesn’t pay to buy new items. There is a difference in price for the policies but it would be worth it if you need to take advantage of it.
If your pipes freeze and burst while sleeping, your insurance will cover the water damage. If you left your house with the heating off during your holiday, your insurance will not cover this damage.
If your dishwasher overflows and causes major water damage to your home, your insurance company will most likely cover the structure and all of its contents, but they won’t necessarily pay to repair the dishwasher. Any leaky roof that causes problems is usually covered by home insurance.
If your roof is leaking due to a natural event such as hail, falling trees or very high winds, it will be covered as they are covered by water damage insurance. Some claims, such as sewer backups, flooding from a flooding river or lake, and water seepage (usually seen in basements) are usually not covered by regular homeowners insurance.
If you want to be covered against natural floods such as tidal waves, overflowing rivers and streams, and flash floods, you must purchase nationwide flood insurance from the federal government. Many people believe that if you don’t live in a 100-year or 500-year flood zone, it’s not a policy for them. It is important to know that flooding can occur anywhere outside of known flood zones. Unfortunately, many people don’t realize that they should have flood insurance.
You need to make sure you are fully aware of the flood risk in your area and the time of year when you are most at risk of flooding. Most water damage insurance policies can take a few months or even longer to become fully active.
Water damage insurance helps save your property
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