Water damage will cost you
Money, stress and time. I know because I am living it since the basement flooded Sept 1st. Remember this, there are different kinds of flooding situations in a home. Storm water, water back ups and plumbing leaks. You need to know the difference because your insurance may or may not have you covered!
In a previous video, (find that here) I mentioned that we had purchased an insurance rider or extension to our policy in case of sump pump failure – mechanical or electrical. The big question is…did it pay off?
This sump pump policy is often referred to as a water back up policy – meaning water backup insurance provides coverage for damage to your property caused by a clogged sewer line, failed sump pump and backed up drains. It could cover mold damage as well. It is a very specific policy that will detail what is or isn’t covered.
This water back up policy does not cover water damages from a flood. Flood is defined as an excess of water on land that is normally dry, affecting two or more acres of land or two or more properties ie: a creek or river bed overflowing.
Some things generally covered by flood insurance according to the FEMA website:
- Electrical and plumbing systems.
- Furnaces and water heaters.
- Refrigerators, cooking stoves, and built-in appliances like dishwashers.
- Permanently installed carpeting.
- Permanently installed cabinets, paneling, and bookcases.
- Window blinds.
- Foundation walls, anchorage systems, and staircases.
- Detached garages.
- Fuel tanks, well water tanks and pumps, and solar energy equipment.
If you live in a flood prone area, have a finished basement or often get water in your basement, you must discuss options with your agent to be truly sure you have the coverage you need.
