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If My Home is Damaged By Water Does My Homeowners Insurance Cover It?
February 21, 2020
What water damage is covered differs - Let's simplify the answer!
Some types of water damage may be covered by some types of homeowners insurance programs.
Why so many “somes”?
Not all homeowners insurance policies are the same. And, not all types of water damage are covered by all homeowners insurance policies.
Let’s start by taking a look at the major types of homeowners policies available.
In terms of what types of losses are covered, homeowners policies generally fall into one of four types.
- HO-1 (Basic)
- HO-2 (Broad)
- HO-3 (Special)
- HO-5 (Comprehensive)
Each step up the types of insurance forms above, add certain types of “perils” to the list of losses they will cover.
The HO-3 (Special form) is one of the most prominent types of homeowners policy sold. The types of water losses covered by that policy would likely include losses such as:
- Overflow of water from plumbing
- Wind-driven rain
- Freezing of plumbing
- Bursting of hot water heating units
- Ice Damming (water which freezes under roof shingles, thaws and damages the interior of the home).
Types of water losses that are not covered unless endorsed or purchased separately include:
- Backup of sewers or drains
- Seepage of water through basement/foundation walls
- Flood
The above is not an exhaustive list.
It is also a reason for one to employ the services of an insurance professional who represents multiple insurance companies. Like us here at the Ryan Agencies! If you’re not in NY or PA, an Independent Insurance Agent is easy to find. A simple search using the term “ Find an Independent Insurance Agent Near Me
” will do the trick. Or, use the Trusted Choice Agent Finder. Engage a professional to help you secure the coverage needed for your unique circumstance.
Bottom line: Homeowners insurance may or can cover some types of water damage to your dwelling. Give us a call and we’d be glad to help.
Have more questions about your Homeowners insurance? We LOVE to help. Please call us today at 607-324-7500
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.
