Water damage is a common and costly problem for homeowners. It’s important to understand your insurance coverage to protect yourself financially if your home is damaged by water.
Most homeowners insurance policies cover two types of water damage:
If your home is damaged by water, you should file a claim with your insurance company as soon as possible. Here are the steps to follow:
Once you have filed a claim, your insurance company will investigate the damage and determine how much it will pay for repairs.
The amount of coverage you have for water damage will depend on your policy. Most policies provide coverage for the actual cash value of the damaged property. This means that your insurance company will pay you the cost of replacing the damaged property with similar property of the same age and condition.
Most homeowners insurance policies have a deductible. This is the amount of money you have to pay out of pocket before your insurance coverage kicks in.
The amount of your deductible will depend on your policy. The higher your deductible, the lower your insurance premium will be. It’s important to weigh the cost savings of a higher deductible against the potential financial risk if you have to file a claim.
If your home has been damaged by water, it’s important to contact your insurance company as soon as possible. Your insurance company can help you file a claim and get the repairs you need.
You may also want to consider hiring a water damage restoration company to help with the cleanup and repairs.