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Water is one of the biggest threats to your house and belongings, so it’s critical to know what home insurance covers if your home suffers water damage. Homeowners insurance can pay for damage from certain water problems, including burst pipes. Water damage (including damage from freezing) is one of the most common and most costly types of homeowners insurance claims. Every year, about one in 50 homeowners files a water damage or freezing claim, accounting for 29% of all homeowners insurance claims, according to the Insurance Information Institute. The average cost of a water damage or freezing claim is $11,098. Most Expensive Home Insurance ClaimsClaims for water damage and freezing are the third most-costly type of home insurance claim. Types of Water Damage Covered by Homeowners InsuranceGenerally, water damage that is considered “sudden and accidental” is covered (like a burst pipe) but not gradual damage, like a leaking bathroom sink. And flooding is not covered, such as damage from storm surge during a hurricane. Water damage covered by homeowners insurance typically includes:
Types of Water Damage Not Covered by Homeowners InsuranceHere are some common problems that are typically not covered by a standard homeowners insurance policy:
Main Causes of Home Insurance ClaimsHow Can I Protect My Home From Water Damage?One of the best ways to protect a home from water damage is by taking some preventative measures. Keeping up with routine maintenance and making prompt repairs is key. Remember, homeowners insurance covers water damage that is “sudden and accidental” but not gradual problems or maintenance issues. If you have a problem like a leaky faucet, it’s best to take care of it as soon as possible. Here are other steps you can take:
Find the Best Homeowners Insurance Companies Of 2022Water Damage Insurance FAQsHow do I file an insurance claim for water damage?If you discover water damage, it’s a good idea to take pictures of the area and contact your homeowners insurance company as soon as possible. If the water damage is covered by your insurance policy, you’ll be responsible for paying a deductible, which is the amount you’ll pay out of pocket. Keep in mind, water damage from certain types of events, like tsunamis, floods, sewer backups and leaks from swimming pools are typically not covered. Read more about what homeowners insurance covers. Does homeowners insurance cover water damage from floods?Homeowners insurance generally excludes water damage from floods. You’ll have to buy a flood insurance policy if you want coverage for flood damage. You can purchase a FEMA flood insurance policy, or buy one from a private flood insurance company. Does homeowners insurance cover removal of mold that was caused by water damage?Homeowners insurance generally covers mold caused by water damage if the water problem was covered by the policy, such as a burst pipe. Homeowners insurance won’t cover mold caused by water damage from other issues, such as lack of maintenance, leaks from swimming pools, floods and earthquakes. Does homeowners insurance cover water damage from hurricanes?Homeowners insurance typically covers water damage from hurricanes, such as rain that gets in through storm roof damage (unless your policy has a “roof exclusion”), but not water damage from rising flood water or storm surges. You’ll need a flood insurance policy to cover flood damage. If you live in a hurricane-prone area, here are some steps you can take to prepare for the hurricane season. |