Water damage & Insurance

This is becoming a complicated topic! – Water damage has become the greatest risk a homeowner faces. Water damage can come from burst pipes, backing up of sewers, drains, failure of sump pumps, water entering your home through walls, doors and windows as a result of flooding around your home.

Not all of these examples are covered by the standard home insurance policy, and each insurance company provides different levels of coverage. Caution should be taken to make sure you understand what you are getting, particularly if you have a finished basement or have contents stored in your basement.

When it comes to water coverage, make sure to compare your needs against your coverage. This is one area you want to make sure you are adequately protected.

Some insurers provide no coverage at all for sewer back up or flood, others will give you coverage for additional premium, while others include full coverage automatically.

A number of insurers limit coverage to between $10,000 – $50,000, yet others provide unlimited coverage.

How much coverage do you need? It’s worth taking some time to assess your situation to determine the value required to protect your building and contents against various water damage related perils. Examples of items to consider are:

  • Furnace>
  • Hot water heater
  • Flooring
  • Drywall
  • Furniture
  • Electronics
  • Items in storage

These items can quickly add up in event of a claim situation. Need help? Your M&R expert will be happy to discuss the options available to you.