How effective is your homeowner’s policy in the event of a flood that damages your property?
Many of those who buy homeowners insurance do it because they don’t want to incur financial losses in the event their house burns down. While the chances of an individual’s home burning down are low, a much more common danger is water damage. Blocked drains, broken pipes and also leaky roofs are the main causes of expensive repairs that people have to pay out of pocket in the absence of adequate insurance. Even those who do have insurance may still end up paying part of the repair costs themselves.
If you have a typical homeowners insurance policy then you should know that rain damage may not be covered based on the way it enters your property. For instance, if rain enters your home after powerful winds break your window, then you should be covered. On the other hand, if the window suffered normal wear and tear, but shows no signs of other types of damage, then you’re going to eat the loss.
The most important (and hardest) lesson a lot of people may end up learning sooner or later is that flood damage is not covered by their homeowner’s insurance policy. There are actually several types of damage that this policy doesn’t cover, including water sprays, overflows of bodies of water, tides, but also waves and ground water.
Lastly, the policy won’t cover damage to a wide range of structures, including foundations, sidewalks and driveways from water pressure beneath the ground. However, if you got your flood insurance policy from the NFIP, then some of these losses may be covered.
Depending on the insurance company you plan on using, you may find that some of them can offer partial coverage for damage that results from sump, drain or sewer backup, but only if you agree to pay the extra costs associated with it.
If you’ve been flooded and part of your property has been damaged, it’s very important that you take action fast in order to minimize the loss as much as possible. For example, if a burst pipe causing a flood, then you have to shut the water off right away. Don’t forget to also board any holes in the windows and roof as well. That’s because if water keeps seeping into your home and is not properly removed, then you risk having to deal with a buildup of mildew and mold. After all, the longer you stay idle and do nothing to prevent further damage, the costlier the repairs are going to be.
People like to hire restoration companies to help speed up the repairs and of course contain the damage. Since they’re very experienced in this type of work, they can effectively remove your home’s contents, pump out the water and then install dehumidifiers to prevent the formation of mold and mildew.
All in all, if your home has been flooded and you’d like to reduce the repair costs as soon as possible, then you have to act fast. The minute you realize you’ve been flooded you have to get in touch with your insurance company and notify them about it. This way you can start the claims process right away and prevent potential costly delays by having restoration companies take care of cleaning up the mess and making your home habitable once again.
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