Is Water Damage Covered by My Homeowner’s Insurance?
The simple answer to the question is maybe. Coverage will depend largely on if water damage is listed as a covered peril in you r policy and the circumstances surrounding the flooding. Water damage in insurance policies is usually defined as sudden and accidental discharge of water.
What That Means
It involves water damage from situations involving a defective appliance, malfunctioning water heater, or a burst or leaky pipe. Even then, there are exclusions in the average homeowner policy. The insurer won’t pay for damage resulting from what it deems is the homeowner’s action or inaction, such as lack of regular maintenance.
Other Causal Factors
Insurers will cover water damage from specific causes if it’s listed in the policy as a covered peril. Those include fire and smoke, windstorms, hail and lightning, an explosion, and vandalism or malicious mischief.
Policies also typically cover damage from a vehicle or aircraft, falling objects and theft, along with a water discharge from appliances, cooling, heating, or an automatic fire suppression system such as sprinklers. Covered instances can include windstorm damage to the roof that allows water to enter. Another example is water coming in through a window broken during a storm.
Restrictions and Denials May Apply
Insurers are placing an increasing number of restrictions and exclusions in their policies. Water damage can be particularly expensive to address. Some policies deny claims if mold is present in the home or if a hole in the roof has been in existence for 14 days or more.
The Toll of Water Damage
Water damage is especially traumatic for homeowners on an emotional and financial level. One inch of water can result in $25,000 in damage, depending on the home. According to the National Flood Insurance Program (NFIP), it costs, on average, $39,150 to repair a 2,000 square foot home that’s been damaged by 6 inches of water. It’s essential that you review your policy and understand what is covered before water damage occurs.
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of your insurance needs, please contact us at 561-391-4661.
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The Sena Group
6501 Congress Ave., Ste. 100
Boca Raton, FL 33487
