I have water in my basement, am I covered?
This is the most frequent loss that we see. Water comes up thru the basement drain system or overflows from the sump pump crock. Unfortunately sump pumps do fail. They typically only last three to five years. A standard homeowner’s policy excludes coverage for this type of loss. In order for there to be coverage you have to have the Water Backup and Sump Overflow ENDORSEMENT on your policy and yes it does cost a bit extra. Understand your coverage – or possible lack of it.
Know your policy.
Most people are surprised to learn that a standard home policy does not provide coverage for water damage that is the result of a sump pump overflowing or water backing up from a sewer system.
When purchasing the Water Backup of Sewer and Drains Endorsement, you choose the amount of coverage you need. The ENDORSEMENT cost can range from $12 - $20 per thousand dollars of coverage per year. For Example: $5000 of coverage would cost between $60 - $100 per year. For additional pricing, please give us a call.
When choosing your coverage, consider all of the items in your basement – from appliances, electronics and furniture to the flooring, drywall and personal belongings. What would it cost you to replace everything because of water damage? Include clean up expenses in the total (which can cost $5000 -$7500 alone).
In the event disaster strikes
Give us a Call. Touch base with us as soon as you can. We can initiate a claim, explain your available coverage, and provide recommendations or solutions for cleaning up and drying out your home.
Take Pictures. The very best thing to do in the event of water damage is to document it.
Basement water damage might be common, but it is never convenient. Plan ahead today to protect your home tomorrow.