It is important to understand how your water damage insurance policy works before a water damage disaster occurs in your home. Knowing this ahead of time will save you from considerable stress and worry during a time (after a flood) that is already filled with plenty of anxiety. From our water damage restoration experts at Flood Pro at San Juan Capistrano, here are the answers to four key questions about water damage.
Before dealing with the specifics of water damage insurance, it’s first important to break down what it is to avoid confusion. Put simply, water damage insurance is an agreement between you and an insurance company where you agree to pay them a monthly premium. In return, they agree to cover the costs incurred if your home is affected by water damage under specified circumstances. Lastly, water damage insurance is a must if you are a homeowner. It is not burdensome and expensive compared to other types of insurance and it will prove to be a lifesaver if your home is ever affected by water damage.
This will vary somewhat from policy to policy. However, all water damage policies should cover the same few basic things. Generally, water damage insurance will cover the financial costs incurred, and the costs required to repair the damage from water damage that occurs from sources other than flooding.
Even within the conditions specified above that water damage insurance should cover, there are some exceptions to them. The main exception is that damage that occurs as a result of negligence on your part may not be covered. Also, your claim may not be fulfilled if damage occurs but you fail to report it or take immediate steps to ameliorate the damage. Finally, water damage typically does NOT cover water damage resulting from flooding. This is one of the biggest surprises about water damage insurance for homeowners. For flood insurance, you usually need to purchase a separate policy. Make sure you understand this part of your policy well so you aren’t surprised by a rejected claim for flood damage that you expected to have covered.
The short answer? Yes! Every homeowner should invest in water damage insurance. It is very affordable compared to other common types of insurance. Moreover, having a water damage insurance policy allows you to have the peace of mind that an unexpected water damage event in your home won’t be financially devastating for you.
While it may seem so on the surface, water damage insurance doesn’t have to be complicated. By asking the right questions and putting in the time to read your policy carefully you should be able to understand the basics of your policy. Nonetheless, if you do ever have any questions about how to deal with your insurer, we at Flood Pro in San Juan Capistrano are happy to help throughout the water damage restoration process.
