When Water Damage is Covered by Homeowner's Insurance
Buying a new home is an exciting experience. However, there are many
unexpected damages that can occur in your house, including water damage. Water
damage is one of the main reasons homeowners purchase insurance. Homeowners may
think they are prepared for the worst, but there are many situations where
insurance does not cover damage caused by water. Despite this fact, there are
some common forms of home water damage that are part of most policies.
When pipes freeze and/or break due to very low temperatures, the result is
water damage. Backyard pool overflow or water leaks are often covered by
insurance policies as well. Most insurance companies cover all water damage
inside the house, including the basement. However, it's important to fully
understand your policy, as lawn damage may or may not be covered.
If your washing machine overflows and floods the basement, or other parts of
your home then you are most likely covered. If your bathtub overflows, your
insurance pays for all water damages. In the case of heavy rain, your roof may
leak or need repairs. The damage caused by water inside the home is definitely
covered, but roof repairs may not be.
Each insurance company has different policies, terms, and conditions. The
definition of "flood" varies from one company to another. The key is
to report any damages immediately, and as accurately as possible. You may need
to pay a little more to receive a plan that better suits your needs. Reviewing yours
carefully, in order to become familiar with your coverage, can save a lot of
money and frustration.
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