Water is essential to life and covers over 70% of the planet. However, it also cau ses about 70% of all insurance claims. From hurricanes, winter storms, and flood events to broken pipes and plumbing overflows, these water related issues place a huge burden on homeowners, property owners, and the insurance industry.
Water Damage Denials
While water related issues are common, not all are covered. For example, typical homeowners insurance policies do not cover natural flooding such as storm surges or rivers overflowing their banks. Instead, you must purchase flood insurance from the National Flood Insurance Program if you want this type of coverage.
In addition, water damage during storms may or may not be covered depending on how it occurred. For example, if you have a standard insurance policy and the water damage occurred because hurricane force winds ripped off your roof, than your insurance will likely cover the damage. However, if its determined that the water damage occurred due t o the storm surge, it may be declined.
In addition, water damage due to poor maintenance of your home isnt covered. If you let your roof deteriorate and dont fix it, then you cant expect the insurance company to pay for repairs when it leaks.
Water Related Insurance Losses
Natural disasters and flooding cause widespread devastation and capture their fair share of the headlines. After all, its hard to ignore damages amounting to over $40 billion (Hurricane Katrina 2005). But, lets not overlook the everyday occurrences of water related insurance claims which amount to significant amounts of property loss each year.
The Insurance Information Institute reports that water damage and freezing claims occur about 1.5 times for each 100 homeowners policies per year, with an average severity of over $5000. This figure is three times higher than theft or fire claims.
Preventing or Minimizing Water Damage Claims
While preventing hurricanes and river overflows is impossible, you can prevent many other types of water claims. The first step is to keep your home well maintained. Regularly inspect your roof and basement and other areas where water can enter the home. Prompt repairs can extend the life of the roof while preventing further damage. In addition, keep your rain gutters clear of debris.
The next step is to invest in the tools that make a difference. If you live in an area with freezing temperatures, insulate your water pipes to prevent freezing and subsequent water pipe bursts. Buy a strap for your water heater so it wont topple over during an earthquake. Buy a sump pump for your basement. Hire a back hoe service to re-grade your lot if its sloped in such a manner where water collects against your house.
Teach your family members how to turn off individual and main water shut-off valves. If a plumbing mishap occurs, prompt acti on by family members is necessary to minimize the damage.
Water is everywhere: it flows through our rivers and through the pipes in our homes. However, a single weather event or weakened plumbing joint can send the waters flowing where they dont belong, causing water damage, devastation, an insurance claim, and a major mess.
By: Mr. Mark Decherd
For more information and other articles by Mark Decherd go to:
Dryout Inc.
1415 Colonial Blvd.
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http://www.dryout.net
239-437-7100
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