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Water Damage in my Basement. Is it Covered?
April 27, 2017
Just the other day, a disturbing GoFundMe post showed up on my Facebook newsfeed. Though it could have been, the post wasn’t from a friend or from a client. It was from a desperate father who had a large amount of water damage in his basement. As an agent with thousands of clients who could find themselves in a similar Continue Reading
Just the other day, a disturbing GoFundMe post showed up on my Facebook newsfeed. Though it could have been, the post wasn’t from a friend or from a client. It was from a desperate father who had a large amount of water damage in his basement.
As an agent with thousands of clients who could find themselves in a similar situation, it caused concern and prompted me to share it with you.
The GoFundMe Page read:
Another sad thing… after 10 days, the poster had no contributions. It was disheartening to read.
What’s the solution you might ask?
In the case of a failed sump pump and water backing up through sewers or drains, almost every homeowner policy has the option of adding an endorsement to cover this type of loss. The endorsement is aptly called “Backup of Sewer & Drains” or simply “Water Backup”.
In most situations, the endorsement may cost somewhere in the $30 range for $5,000 or more in coverage.
Many of our clients may already have this endorsement added to their policy. A quick call to us or an email to jeff@ryanagency.com and we can confirm if coverage is in place for this type of event.
If you don’t have Water Backup coverage in place, we would be happy to quote the additional protection for you and then you can decide if you want to add it to your policy.
Contact us today and we’ll be glad to check this out and/or provide you with options.
If we can help in any other way with your insurance program, please feel free to drop me an email at jeff@ryanagency.com.
Best regards,
Jeff
You can find the GoFundMePage here: https://www.gofundme.com/major-water-damage-to-my-home
This article may have been originally published at Quora.com.
To see Jeff's Quora.com profile click here.
“Am I covered if I drive someone else’s car?” Or, “Am I covered if someone else drives mine?”
Many don’t realize that the insurance industry is one of the country's most regulated business segments, especially in New York State. The New York State Department of Financial Services (NYS DFS) wields significant control over the insurance business and has a stated goal of protecting consumers.
Most property insurance companies offer Actual Cash Value or Replacement Cost settlement options. Typically, insurance companies will require that you insure the property to the settlement value you choose. If you select Actual Cash Value, the amount you may be required to insure the property for will be less than the corresponding Replacement Value.
In that spirit, the Ryan Agency is sponsoring a Stearns BBQ Dinner pickup at our office on 57 Broadway Mall in Hornell on September 12th from 3:00 PM to 4:30 PM.
Today, an individual’s credit history can play a more significant role than any one of those traditional factors. Good Credit Scores lead to a Positive Insurance score. A good Insurance Score greatly influences what someone will pay to insure their vehicles.
Insurance companies offer various discounts for which their policyholders may qualify.
Great Eight number Six (6) suggests taking a look at removing Comprehensive and Collision on Older Vehicles.
By reducing the number of claims in your insurance history, you can significantly affect your rates in the future.
Sometimes, this concept meets with resistance from policyholders. The thought of paying more in the event of a claim is off-putting to some. Even if that means I pay more for my insurance.
OK. Admittedly, this strategy doesn't benefit everyone, but it can be very beneficial for those it does. You may have unique home or auto insurance needs that prevent you from bundling with the same company. Alternatively… you might have a better rate without the bundle discount by splitting up your insurance between multiple carriers.
