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Basement Leak Covered By Insurance – “Expert verification” means that our Financial Review Board has thoroughly assessed the article for accuracy and clarity. The Review Board is made up of a panel of financial experts who aim to ensure that our content is always fair and balanced.
Written by Meaghan Hunt Written by Meaghan HuntArrow Right Contributor, Personal Finance Meaghan Hunt is a cross-disciplinary researcher, writer and editor with a strong interest in personal finance topics. After ten years of working in public libraries, she now writes, edits, and researches as a full-time employee. Connect with Meaghan Hunt on LinkedIn Linkedin Contact Meaghan Hunt via email Email Meaghan Hunt
Basement Leak Covered By Insurance
Edited by Jessa Claeys Edited by Jessa ClaeysArrow Law Editor, Insurance Jessa Claeys is the insurance editor for , covering auto, home and life insurance. She has over six years of experience writing, editing and leading teams of content creators dedicated to helping others achieve a healthy financial future. Her work has been published by numerous publications focused on insurance, personal finance and investing, including Jerry, BiggerPockets, 401(k) Specialist, BP Wealth and more. Connect with Jessa Claeys on LinkedIn Linkedin Jessa Claeys
How To Get Insurance To Pay For Water Damage
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Regardless of age or location, no home is immune to water damage. From frozen pipes to leaky appliances to faulty sprinkler systems and more, water can be destructive, and repairs are often expensive. The average water damage claim comes to $11, 098. What’s worse, this type of damage is common. U.S. property owners report approximately $20 billion in water-related damage each year.
Homeowners Insurance And Water Damage
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Fortunately, homeowners insurance helps cover a wide range of misfortunes, including some types of water damage. But it’s important to know which events are covered under your policy and which aren’t – before it’s too late. Here’s what you need to know.
So when does homeowners insurance cover water damage, exactly? It depends on what caused the water damage. Damage caused by a burst pipe is usually covered, as long as the damage is sudden and accidental, and the homeowner has taken proper precautions to prevent things from happening. For example, if your pipes freeze and burst, the water damage is likely covered under insurance (minus your deductible). However, if you leave your home for several days and turn off the heat due to frostbite, your insurer may have reason to reject your claim.
How coverage applies gets even more complicated, however. A major dishwasher leak may or may not be covered. It all depends on the maintenance you have done up to that point. If you knew there were issues with the dishwasher and didn’t deal with it, your insurer could argue that you were negligent and that the water damage could have been prevented, which means that your application would be rejected. It’s also important to review the “Responsibilities in the event of a loss” section of your homeowner’s insurance policy to understand what you can do to prevent further damage in the event of a claim.
How To Get Insurance To Pay For Water Damage To Your Home
Note that flood damage is almost always excluded under a standard homeowners insurance policy. You usually need a separate flood insurance policy for this type of coverage.
HO-3 policies are the most common homeowners insurance policies on the market. They usually include open perils coverage for your home and detached structures, meaning that if your house or garage is damaged by water it may be covered – unless the policy you specifically exclude that risk. Under the HO-3 policy form, personal property coverage typically describes 16 specified perils. The risk must be listed in your policy to repair or replace your personal items.
Usually, you don’t have to worry about whether or not your homeowners policy will cover water damage, because in many cases it will. However, it is important to understand what situations are covered under your policy and what situations may result in your claim being denied.
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