Tuesday, August 21, 2018

Water Damage: Know Your Insurance Coverage


If you were to have a water damage situation in your home would your insurance cover it?  Do you know what your policy covers and what it doesn’t?  Do you know the amount of the deductible you will have to pay?  Do you even know who your insurance agent is?  Can you find your insurance documents easily in your home, so that in the event of a loss you can find a phone number to report the loss to the insurance company?  These are all questions most of us don’t think about until we have an incident in our home that would cause us to need our insurance.  By then, it is too late to change the type of policy or coverage you have.  So it is best to take a few minutes every year or so and review these things.

What if you have a leak below a concrete slab or a drain line back up.  What if you have a normal homeowner policy and for whatever reason nobody lives in the house for over 30 days.  What if you have a slow drip in a wall and it goes on for a long time before it is detected.  These could be situations where there is no coverage in the event of a loss.  A water damage or fire loss could potentially cost you tens of thousands of dollars to restore back to pre-loss condition.  It is a good idea to review these policies often so that you will know what you are covered for and what your potential exposures are. 

Being in the water damage restoration industry for over twenty years we see a lot of homeowners that are either under insured or simply don’t have coverage for the event that happened in their home.  This can be a frustrating time and devastating financially, but with a little planning and preparation you can have the right insurance in place to help you put your life back together. 

So go have a talk with your insurance agent before it is too late.  Ask things like what am I covered for?  What are the limits?  What is my deductible?  Also find out what kind of things the policy excludes.  This way you can decide if you need to purchase some additional coverage which could potentially save you thousands of dollars in the event of a loss.  Even though it is not fun and exciting to sit down with your insurance agent and have this conversation, it will pay huge dividends in the event of a loss.

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