Water damage is one of the most common reasons why homeowners make an insurance claim. But does homeowners insurance typically cover it? The answer depends on the specific policy and the cause of the damage.
To ensure that your policy covers water damage due to water backup, sewer backup, and sump pump failure, it is imperative that you speak to an experienced and knowledgeable insurance agent. Your agent can review your current homeowners insurance coverage and make sure that you obtain all necessary endorsements to provide the appropriate coverage.
Water backup is when water flows into your home through a drain or a toilet due to a blockage in the main sewer line.
In addition, damage may be caused by a malfunctioning sump pump. Sump pumps are designed to pump water out of a basement or crawl space, preventing water damage. However, water can flood the home if the sump pump fails. Sump pump failures are not typically covered by the standard homeowners policy. But, it is possible to find a policy that will cover such damage.
Standard homeowners insurance policies do not typically cover damage from water backups caused by the following:
Water damage from sewer and drain backups is a common cause of property damage. Water damage and freezing accounted for 19.9% of home insurance claims nationwide in 2020. The average homeowners insurance claim payout for water damage was $11,650 between 2016 and 2020.
The following steps can be taken to help prevent damage:
Water damage can lead to mold growth, which can cause serious health problems, especially for people with allergies or weakened immune systems. Mold can grow within 24 to 48 hours of damage and spread quickly throughout a home.
The cost of mold remediation can be high! It can range from a few thousand dollars to tens of thousands of dollars, depending on the extent of the damage. Unfortunately, mold damage is often not covered by a typical homeowners insurance policy. Unless it is caused by a covered peril, such as a burst pipe or accidental overflow of a plumbing fixture.
Homeowners may need additional coverage or endorsements to ensure appropriate coverage for water and sewer backup-related mold damage.
Homeowners can purchase an endorsement that provides water and sewer backup coverage. It’s essential to check with your insurance agent to ensure that you have coverage before a damage-causing incident. The cost of water backup endorsements varies based on the level of coverage and your specific policy.
Reviewing your policy annually with your agent and purchasing any necessary endorsements for water backup is crucial to ensure you’re covered in a water damage incident.
For a free review and quote on your homeowners insurance, contact RMC Group today. Speak with a licensed insurance agent at 239-298-8210 or [email protected].