Water damage: Seven home insurance scenarios Scenario No. 5: Water seeps from the ground into your basement, damaging your foundation and interior. Are you covered? No. Seepage is considered a maintenance problem, not sudden and accidental damage, and is excluded from home insurance coverage. Scenario No. 6: During a heavy rainstorm, water leaks through your roof. The roof is damaged, as is furniture. Are you covered? Somewhat. Youre unlikely to be reimbursed for roof repairs because thats a house-maintenance issue. But the water damage to your home is covered. Damage to your furniture is also likely covered if you have a standard H0-3 home insurance policy, but not if you have a generic HO-1 policy (which many insurers dont even sell anymore). If your neighbors tree falls on your roof, the damage to your roof, home and belongings is covered. Your policy also reimburses you up to a certain amount, usually around $500, for the cost of removing the tree. Scenario No. 7: A nearby lake or river overflows its banks, causing a flash flood in your living room. Are you covered? No. Flood damage is not covered by home insurance. You must purchase flood insurance for that. You can purchase flood insurance as long as your community participates in the National Flood Insurance Program.
Posted on: Mon, 13 Oct 2014 13:00:01 +0000
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