Water is necessary for survival! We drink it, bathe in it, and swim in it. We don’t want it leaving damage in our properties. Living in Florida, a state surrounded by water, our chances of becoming victims of water damage are significant.
Water damage is one of the most common causes of loss homeowners submit insurance claims for. Water damage can be caused by appliance leaks, storms, plumbing, or accidents and knowing which water damage claims are covered by your insurance company is essential. You can protect yourself from loss caused by this common damage when you know what is and is not covered.
Homeowners insurance premiums may decrease when limited water damage is purchased, but the downside is homeowners will be ultimately responsible for any loss or repairs over the limit purchased.
Most standard policies cover water damage that is sudden and accidental.
It is essential to review your policy to understand what is covered, so there are no surprises. If you have sudden or accidental water damage, there is a high probability it will be covered, or you can add an endorsement to your standard policy to include and cover water damage. There may be sub limits that apply.
Standard insurance policies do not typically cover gradual damage, which occurs slowly over time. Homes are complex structures with pipes, electrical wiring, and many other parts we never see, but make our homes run efficiently. Since these systems are covered, for sudden and unexpected incidents, we need to be sure to remain it makes it virtually impossible to detect if something is going wrong.
A long-standing problem that causes damage is not sudden or accidental and will most likely not be covered.
Your insurance company may deny a claim because while the damage may appear new to you, it may have been gradual damage.
Your insurance agent is the best person to help you understand if the damage you have is covered or not. They can review your policy to explain the coverages you have and any exclusions.
All policies exclude wear and tear and gradual damage unless an endorsement has been added. However, there may be exceptions.
The best way to understand your policy and what is and is not covered is to consult with The Gordon Agency. Michael Gordon is an experienced insurance agent who keeps up with the latest insurance trends and will ensure you have coverage in a standard policy or endorsement to meet your needs and protects you from losses.
Insurance Agent Boca Raton