Water may be a necessary and valuable part of providing a comfortable home, but it's also at times an enemy to that home. Because water damage can be a serious problem for any property owner, it's important to understand what damage is — and isn't — covered by your home insurance. To help you learn more about your policy, here are a few things to know.
Covered: Sudden, Internal Incidents
In general, homeowners insurance policies cover sudden and unexpected internal water emergencies. The most common include a burst pipe, an overflowing bathroom, or a hose that comes disconnected from an appliance. Most policies cover both the house itself and personal belongings that were damaged or destroyed.
Not Covered: Floods and Outside Water
While they are sudden and unexpected, floods are generally excluded from the standard coverage. Such flooding can come from storms or it may come from public water pipes and sewage systems. To obtain coverage for these increasingly common risks, add specialty insurance to your homeowners' policy.
Covered: Mold Damage from Incidents
Moisture within structures can easily lead to mold problems. But is mold a covered catastrophe? This depends on the source of the mold. If a storm floods your basement, any resulting mold may not be covered since the source — flooding — isn't covered. However, if your toilet overflowed while you were on vacation, mold remediation is likely considered a part of the initial incident.
Not Covered: Maintenance and Repair Issues
As with most elements of homeowners insurance, the goal is to cover events that are not under your control and which usually can't be planned for. So, you are responsible for proper maintenance and repair of your pipes, appliances, and house structure. If you ignored a pipe leak for months, causing mold and rot, you may not find that any of these are covered.
Covered: Vandalism and Theft
Unfortunately, homeowners and business property owners may find that their property is vandalized by outsiders. Increasingly, thieves may enter to steal valuable piping and electrical system metals like copper — without regard to the damage it may cause to your property. But you should be well covered if this happens to you.
Where to Learn More
The best way to protect yourself and your finances from water damage is to learn how you are covered by your specific policies. Begin by meeting with an experienced home insurance provider in your state today to discuss your needs and goals.
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16 September 2022
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