Does My Insurance Cover My Water Damage Repairs?

Does My Insurance Cover My Water Damage Repairs?

Water damage insurance is a type of protection provided in most homeowners insurance policies against sudden and accidental water damage. Water damage insurance does not cover damage resulting from homeowner’s negligence or failure to maintain the home in good repair. Moreover, flooding usually requires a separate policy if available.

BREAKING DOWN Water Damage Insurance

As water damage insurance does not cover negligence, many types of water damage to real property can and should be avoided through proper maintenance. This can be anything like watching out for ceiling damage during a rainstorm or a fixing a leaky pipe under the kitchen sink before mold becomes prevalent.

Time and Tide

Water damage is a major factor in homeowner insurance claims. According to the Insurance Information Institute, water was the third-leading cause of claims from 2012-2016 with an average of $9,633 per claim. Water damage and freezing was the second-most-frequent claim after wind and hail damage. About one in 50 insured homes have a property damage claim caused by water damage or freezing each year. It’s five times more likely your home will be damaged by water than you’ll have a claim for theft, and water damage is seven times more prevalent than fire.

Note: This article is informational only. When making purchasing decisions, conduct your own research.