A Personal Insurance Update
Over 15,000 people experience some form of water damage claims each year. Water damage claims can cost thousands of dollars to your home. There are several ways your home can suffer water damage, and your homeowner’s insurance policies may cover some of these. It is essential to have an independent agent review your insurance policies to make sure you have adequate protection.
Common Types of Water Damage Claims
Flood—The Federal Emergency Management Agency (FEMA) defines a flood as “overflow of inland or tidal waters.” Flood damage is excluded from your standard homeowner’s insurance policy. Learn more about the National Flood Insurance Program through FEMA’s website.
Sewer Backup—Water damage may occur when there is a blockage of sewer lines. This usually happens because of a system-wide backup or because of old pipes. Sewer backup is not automatically covered under a standard homeowner’s insurance policy. It can be added by endorsement.
Overflow of Water—A failure of a pump and/or other related systems can cause water backup as well. This is usually a result of a failure of equipment.
Rain From Leaking Roofs—A damaged roof can create water damage issues inside your home. If this damage is a result of an accident, it might be covered under your homeowner’s insurance.