You have already taken the first step to finding the best insurance solution for your home by asking a professional insurance broker this question!
We will do a complete review of your coverage needs and then provide you with the best recommendation in terms of proper coverage for your home. This review includes finding the right insurance company to provide the best protection specific to your individual situation.
Some insurance companies reward policyholders who have taken maintenance actions to prevent water-related damages or losses. Some of these actions include the installation of sump pumps, back-up battery systems, back flow valves, and tank-less water heater systems. If you have (or plan on installing) one of these systems, you should be sharing that with your broker.
Not all insurance companies consider water damage equally and specific scenarios may or may not be covered. For example, if your hot water tank leaks, this may be covered under "Water Damage".
However, if rain water accumulates on the ground surface and enters through the garage doors, this may only be covered under the "Overland Water" coverage.
Now, if you happen to leave your window open and rain or snow enters, you will most likely be left uninsured.
It is best to understand what risks are involved and assess your comfort level with each risk when deciding which types of water coverage you should include in your policy.
Spring is the most critical time of year when it comes to water damages as the snow and ice melts and the resulting water needs somewhere to go.
What's the most common homeowners insurance claims? It's not fires or theft; it's water damage! To clarify, this is not damage due to flooding, heavy rain storms, or snow on the roof - rather, it's due to simple maintenance tasks that are often ignored or go unnoticed.
Homeowners fail to check the connection between the water line and their washing machine or other similar appliances. Eventually, the connection fails, and water leaks into the home until someone discovers the mess. If this occurs while you are gone for the day at work or out of town, the damage could be extensive and expensive to fix.Water leaks can be dangerous because, if not corrected immediately, the damage to flooring and walls can add up to significant costs.These types of damage aren't necessarily covered by a homeowners insurance policy. This is because dry rot and mould can develop over time in conjunction with a leak, which is a preventable loss.