If you’ve ever discovered water where it doesn’t belong in your home, you know it can be more than a nuisance. The destruction to surfaces and furnishings that often follows can be distressing and expensive.
In fact, water damage is one of the most common misfortunes that affect U.S. homes: one-in-50 homeowners filed a water-related claim each year between 2015 and 2019, with claims averaging $11,098.1
Water damage that occurs suddenly, accidentally, and unexpectedly may be covered by your homeowners insurance. Burst pipes, wind-driven rain, and roof-top ice dams are examples of perils typically covered. Issues resulting from normal wear and tear, however, gradual damage is often excluded.
Damage from floods, resulting from the temporary inundation of dry land caused by overflowing river or tidal waters, requires a separate flood insurance policy. Flood policies are available from the federal government’s National Flood Insurance Program (NFIP) and some private insurers.
As a homeowner, you should pay close attention to maintenance issues and protect your financial interests with the appropriate amount and type of insurance coverage. Read your policies carefully to understand the situations in which water damage will or won’t be covered.
Here’s a rundown of the water problems often striking homes, as well as some tips for avoiding them.
In the cold winter months, the increased pressure caused by freezing pipes can cause them to burst. It’s best to keep your home sufficiently heated, with the thermostat set no lower than 55° F (12° C) when you’re away. If you leave your home for an extended period, you may want to turn off the water and/or have the system drained. Consider insulating pipes in crawl spaces and the attic. You can also install a pressure release valve in the plumbing system.
Wind-driven rain can cause leaking from a damaged roof, window, or elsewhere. Regular maintenance such as caulking windows, checking regularly for roof damage, and clearing debris from rain gutters and downspouts can help prevent water from reaching the home’s interior surfaces during a storm.
Water lines running to appliances such as refrigerators, icemakers, water heaters, dishwashers, and washing machines have been known to crack, leak, and cause damage to nearby walls, cabinets, and floors. Consider replacing hoses every five to seven years; checking annually for deterioration may help head off a disaster. Also, know the location of the main water shut-off valve so you can reach it quickly and limit the damage in the event you find water flowing from a hose or pipe
Backed-up drains or sewer lines
Some standard policies cover these dirty messes, whereas others don’t. Sewer backup riders may be available when they’re not standard. You might also consider installing a backwater valve, which allows sewage to exit but won’t let it flow back inside the home.
From moisture to mold
To help prevent the growth of mold, you’ll need to remove any standing water as quickly as possible and dry any drenched carpets, pads or upholstery within 24 to 48 hours. Any surfaces that don’t dry sufficiently may need to be replaced.
Although homeowners insurance policies generally exclude mold from their standard policies, your policy may provide for professional help to clean up a waterlogged interior and minimize any permanent damage in order to avoid future mold growth. The elimination of mold may be covered if it resulted directly and recently from a sudden, covered peril. If you don’t file a claim for water damage and find out later mold is present in your home, it could be considered a maintenance issue and probably won’t be covered. If your home suffers water damage, you’ll want to contact your insurance company as soon as possible.
Time is of the essence, and your agent may be able to recommend a qualified restoration contractor and answer any other questions about water damage, mold, and what’s covered by your specific homeowner’s policy as well as policy limits.
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1Insurance Information Institute, 2022
This information is not intended as tax, legal, investment, or retirement advice or recommendations, and it may not be relied on for the purpose of avoiding any federal tax penalties. You are encouraged to seek guidance from an independent tax or legal professional. The content is derived from sources believed to be accurate. Neither the information presented nor any opinion expressed constitutes a solicitation for the purchase or sale of any security. This material was written and prepared by Broadridge Advisor Solutions. © 2022 Broadridge Financial Solutions, Inc.