All About Water Damage
The value of adequate homeowners insurance to protect you from unforeseeable circumstances is priceless. One area that homeowners experience damage from is water. The Institute for Business & Home Safety estimates that 25 percent of homeowners’ insurance claims are related to water or freezing, resulting in $6.8 billion of property damage each year.
In general, the damage caused by water will be covered under your insurance policy, however, the cause of the damage (leaking appliances, for instance) will not be covered. Causes of water damage may include:
- Burst pipes that result from frozen pipes
- Pool leakage
- Flooding caused by a broken appliance
- Rainstorm
- Overflowing bathtub
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Always review your home insurance policy carefully to understand the specifics of your coverage. Some instances, such as a sewer backing up or water seepage from the ground will likely not be covered. Also, be aware that flood damage is not covered in a homeowners policy. You will need to purchase a flood policy from the National Flood Insurance Program. Flood insurance is recommended if your home is located in a high risk area for flooding.
One of the best precautions you can take is to keep a list of your personal property, including estimated values. This helps you determine coverage amounts and provides a record of your items to make the claim process easier, should any water damage occur.
If your home should become uninhabitable, your insurance policy will also provide additional living expense coverage should you need to live at another location.
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Tips For Preventing Water Damage
- Check windows to make sure seals are tight and caulk as necessary to prevent water seepage
- Inspect shower, tub and toilet for leaks and replace caulking as necessary
- Examine appliances and replace hoses every five years
- Check hot water heater for any leaks; replace if necessary
- Winterize exterior faucets if you live in a cold winter climate
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Home Insurance Basics is not an insurer and cannot issue home insurance policies. This site provides free information about home insurance policies and companies. The companies detailed have not endorsed or sponsored these pages. Products and services may not be available in all states.
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