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Water Damage – Covered or Not?

November 12, 2012 by · Leave a Comment 

A number of things can cause water damage to a home and it’s important to know whether they’re covered by your insurance policy. Some water damage may be covered and other may not be. Generally, you need an incident to invoke coverage rather than something gradual due to lack of maintenance.

However, some incidents are specifically exempt from homeowner policies such as floods. A flood can be described as rising water due to overflow of inland or tidal waters or unusual and rapid accumulation or runoff of surface water from any source.

Homes in designated high-risk flood areas with mortgages from federally regulated or insured lenders are required to have flood insurance.

Even if you don’t live in a dedicated flood zone, you could be affected by flood damage. Review your policy about water damage and call your insurance agent to get a better understanding. Ask if you need to purchase additional coverage or separate flood insurance along with other questions http://www.floodsmart.gov/floodsmart/pdfs/questions_for_agent.pdf

Flood insurance can be purchased for the building and the contents. The average flood insurance policy costs about $600 per year. For more information, see the National Flood Insurance Program http://www.floodsmart.gov/floodsmart/pages/residential_coverage/rc_overview.jsp

Sincerely,

RE/MAX Results

John Mazzara

7300 France Ave S #410

Edina, MN 55435

Off-952-929-2577

Cell-612-386-7027

Fax-952-928-3799

Google Voice- 952-491-0884

john@johnmazzara.com

http://www.MinneapolisStPaulHomes.com

Watch my Youtube video on how I sell a home:

http://www.youtube.com/watch?v=oz1zGDOXcoQ

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