Is there a limit on your water damage coverage? Does your policy even cover water damage to your property?
Not every insurance policy covers water damage, and if yours does, the coverage may not cover the full extent of the damage. This type of coverage for your property is dependent on the cause.
For example, internal water damage, such as wet drywall or damage to your flooring as a result from a ruptured water heater or bust pipe is often covered. However, if the water damage resulted from poor maintenance or a flood, then your property may not be covered under your insurance policy.
Determining the root cause of water damage and whether your policy covers it as well as understanding if there is a limit on that coverage can be challenging.
The Types of Applicable Water Damage Coverage
Dwelling coverage and personal property coverage are two common types of insurance coverage that may cover water damage claims. Dwelling coverage helps to pay for structural property damage, whereas personal property coverage helps to pay for personal belongings, such as furniture, that were damaged.
Whether you have one or both types of water damage coverages in your insurance policy, your insurance company may not cover as much of your damages as you may have hoped.
Is There A Limit On Insurance Water Damage Coverage?
Many individuals might think their insurance company would cover the full extent of water damage costs. All too often, after the insurance adjuster shows up to assess the damage, your insurance company informs you that your policy has a limit of $10,000, for example, but the total damages are a tens of thousands upwards of that.
In fact, several insurers are even beginning to exclude water damage coverage entirely for properties that are older than 40 years, or they have altered their policies’ verbiage to cover only a small percentage of the loss and give very specific time parameters for filing a claim. But you may still be given the option to pay an additional premium to include limited water damage coverage in your policy.
If you have original or older plumbing, your insurance company may exclude water damage coverage from your insurance policy and may even request that you replace cast iron pipes with PVC pipes in order for them to consider insuring future potential water damage claims.
Reading through your insurance policy is important in order to understand the full extent of your water damage coverage. Contact Reliant Insurance Adjusters to learn more about how we can help you, should you need to file a water damage claim, or any property damage claim, with your insurance provider.