When it comes to your home, nothing but the best will do. It is, after all, one of your biggest investments and deserves to be protected against anything that could cause damage.
You know your homeowners insurance covers a broad range of perils, but did you know it also includes exclusions that could leave you vulnerable to significant loss? When it comes to water damages and flooding, we want you to be well-informed about your coverage needs and options.
How can water get into your home? What are the risks both inside and surrounding your property? This animated flood risk scenarios tool provided by the National Flood Insurance Program can help you identify risks, some of which may include:
We here in the Lake Geneva area have unique risks when it comes to flooding. Living near a large body of water means increased risk of flood damage. Whether from torrential rains, rapidly melting snow, or water breaching its banks, flooding is always a possibility. It only takes a small amount of water to do major damage. Just six inches of water can create nearly $40,000 in damages to a 2,000 square-foot home. That number seems to be on par with a typical flood claim. According to the National Flood Insurance Program, the average cost of flood damage insurance claims in 2015 was $43,000.
Sewer and Water Backup
The pipelines that carry waste away from your home can become clogged or damaged, which can result in a backup of water or raw sewage into your home. It could start as a small backup that occurs more and more frequently, or it could occur all at once and unexpectedly. Whether a tree root is growing into aging sewer lines or a shared pipeline becomes overloaded after a rainstorm, cleanup, repairs, and replacement of your belongings can cost thousands. Not to mention, you may have to find somewhere else to live due to uninhabitable conditions.
Overflow and Discharge
Equipment malfunctions, pipes burst, and unexpected accidents can all lead to water damage in your home. Imagine coming home from dinner to find your laundry room covered in water due to a dislodged washing machine hose. It could cost thousands to have a contractor replace the flooring, baseboards, wall boards, and the cabinets that were damaged.
Water Backup & Sewer
If you have homeowners insurance, you may already be covered against issues like accidental overflow and water discharge. However, you may still be vulnerable to the types of damages that are excluded from homeowners policies, including sewer and water backups and flooding. Fortunately, getting coverage for sewer and water backups is as simple as contacting an agent here at the Glass insurance Center and adding an endorsement to your existing homeowners insurance policy.
Flood coverage is not available through homeowners insurance providers, but we can help you obtain a separate flood insurance policy from the National Flood Insurance Program. Note that there is a 30-day waiting period before flood insurance becomes effective, so do not delay in purchasing this coverage if you do not already have it.
Are you fully covered against all types of water damages? What types of coverage are you lacking?