Did you know that water damage is one of the highest homeowner insurance claims in the United States? The chance of a home being destroyed by fire is about 10% while water-related loss is greater than 25%.
Water damage can come in many forms so it’s important to be aware of what your insurance policy covers.
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Here are three of the major sources of water damage to the home:
Floods can occur in during heavy periods of rain or during snowmelt. If the ground is unable to absorb all the excess water it can lead to overflowing river banks and floods. Flooding can cause damage to your home’s foundation, basement, walls, floors and material possessions in your home. Flooding is an excluded peril on most standard homeowner’s insurance policies but you can protect your home with flood insurance.
Water and sewer backup can occur when heavy rains overwhelm the sewer and drainage systems. If your sump pump fails, water and sewage can back up into your home causing damage in your basement. While you can’t anticipate when your sump pump may stop working, you can protect yourself in the event of power loss. Smart Power Battery Backup will protect a home by automatically turning on when AC power fails. This battery backup system is superior to others in terms of power, running time, installation and construction.
Most standard homeowner’s insurance policies exclude water & sewer backup so you should check with your insurance agent to learn more about the protection offered for this specific issue.
A standard homeowner’s insurance policy provides coverage for damage that results from pipes that suddenly break and leak inside your home but the water damage must be the result of a sudden break. Water damage that results from poor maintenance is considered neglect and isn’t covered.
Water seepage can also cause a wet basement when water enters the home from the foundation, between the concrete walls or from pressure in the area surrounding your foundation causing the walls to bow in. Your insurance agent can advise you on whether this type of damage would be covered. The best solution for your basement is to have it waterproofed in order to prevent water seepage from natural groundwater. Check with your insurance agent so you know your coverage.