Here in Minnesota, warmer spring temperatures mean melting snow and more rainfall – both of which increase the risk of water backup and flooding. Standing water is never a good thing, especially when it begins creeping into your home. Just two inches of water can result in more than $20,000 work of damages to a standard-sized American home.
If it happened to you, how would you pay for it? Would your insurance cover it, or would you be responsible for paying the damages out of pocket?
Find out if water damage is covered under homeowners insurance and if so, if you are able to purchase extra protection for your home.
Water-Related Losses
When you experience water damage to your home–big or small–your insurance company will want to know the cause of that damage to determine if your claim will be approved or denied. There are several types of water-related losses, including:
Overflow and Discharge
Most homeowners insurance policies provide coverage for water damage caused by overflow or discharge. Overflow refers to water inside your home that has overflowed its boundaries. In other words, if you get distracted and forget about the bath you started running, your insurance probably covers it. Likewise, discharge water damage refers to water that is discharged in the wrong place, such as a leaky pipe causing damage behind your walls.
Sewer and Drain Backup
Many homeowners are unfamiliar with the risks of sewer and drain backup, nor with the fact that homeowners are responsible for the private pipelines that connect homes with the pipelines managed by local municipalities. If a tree root grows into the pipeline on your property or the demands of heavy precipitation overload a shared storm and sewer drainage system, it could result in water that backs up into your home.
Homeowners insurance typically excludes coverage for water damage caused by a backup in your sewer or drains. However, you can add an endorsement to a homeowners insurance policy that extends coverage to these types of damages. An independent insurance agent here at Pentagon Insurance can help you determine your risk for backup and find out if this type of endorsement could be right for you.
Flood Insurance
Floods occur when dry land is temporarily covered with surface water due to rapid rainfall, melting snow, or bodies of water that have overflowed their banks. When this water comes over your home’s foundation, you will need flood insurance to take care of the bill.
Homeowners insurance does not cover flood damages, which can cost tens or even hundreds of thousands of dollars, depending on the severity of the flood.
Fortunately, flood insurance is available through the National Flood Insurance Program, although there is a 30-day waiting period before coverage becomes effective. The Federal Emergency Management Agency publishes flood maps, and you can look up your local flood risk on their website at FEMA.gov. Even if you live in an area that has no history of prior flooding, you could still be at risk. Talk with an independent agent here at Pentagon Insurance to find out more about flood insurance and whether it could be right for you.
Do you currently have insurance protection against floods and water backup?
Peter Cole, insurance agent and partner at Pentagon Insurance Agency in Elk River, MN, began his career in the industry more than 30 years ago. He prides himself on backing up every sale by personally providing service to his clients and by providing the coverage they need at the best possible price.
Contact Peter to discuss your situation today!
