Does Homeowners Insurance Cover Water Damage and Flooding?
When it comes to protecting your home, you know insurance is key to safeguarding the things you work hard for in life. And, to really give you peace of mind, it’s important to know exactly how it protects you.
A common question many homeowners have is whether or not your home insurance covers you for water damage. Though we’d like to give you a simple yes for an answer, there’s a little more to it than that. Sure, your standard homeowners insurance policy covers some costs associated with water damage, however, not all types of water damage are covered.
We’re here to clear up the confusion and make sure that you understand how your home insurance, with the help of some additional coverages, protects you in the event of water damage.
Homeowners Insurance and Water Damage
Say you wake up to find your basement flooded due to a faulty washing machine — not good. Your beautiful, newly renovated wooden floor is sopping wet and will need to be replaced. Your first thought? Will my homeowners insurance pay for this mess?
The good news is that under most circumstances a standard home insurance policy covers appliance or plumbing related water damage that occurs due to sudden and accidental events that originate in your home. This means that water damage is usually covered if it’s not something that has been occurring over an extended period of time. For example a slowly leaking pipe that drips water on to drywall over a period of several weeks before being discovered is not covered. But a pipe that bursts and quickly floods the bathroom is covered. Keep in mind that in either case, repairs to plumbing or appliances that failed due to regular wear and tear aren’t covered — that’s considered routine maintenance.
When it comes to water damage and home insurance, it’s important to know the two main types of coverage on your policy that may apply:
Dwelling coverage. If the structure of your home is damaged by water due to a covered loss, dwelling coverage pays for the damage to the structure of your home.
Personal property coverage. If your personal belongings are damaged by water due to a covered loss, personal property coverage covers the cost to repair or replace your belongings.
From burst frozen pipes, to leaking plumbing, sewer backs ups and more, water can cause damage in your home in a variety of ways. So what kind of water damage is covered? Let’s take a look.