One of the most likely losses you will have as a homeowner is due to water backup.
In the last two weeks I have heard multiple stories of friends who were in the middle of claims related to water backup issues. Just Thursday, I got to know a new friend who is a local lender in town and his children flooded his upstairs toilet causing damage to the foor and wall. Repairing damages like these can run into the thousands of dollars and this was only a relatively small flood that was immediately dealt with.
Another friend of a friend had just purchased a new home and within a week of closing had water seeping into their basement carpet. It took hours of troubleshooting to figure out that the outflow pipe in the yard had gotten filled with pebbles annd grit so the water backed up and flooded the basement.
Most insurance companes offer limited coverage over water leakage or backup. Many offer additional endorsements to expand coverage should a plumbing issue cause damage. It is important to talk with your agent to make sure you have adequate coverage in the event of a plumbing generated flood.
Just to clarify, water backup coverage is not flood insurance. Homeowner policies do not ever cover flooding from external sources like rain or other natural flood sources. This coverage is purchased seperately and can also be discussed with your agent if you are worried about it.
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