Water Damage Mold Insurance Claims
Water damage claims are probably the most common claims made under homeowners’ policies in the country. Over the past 12 years, insurers paid out more than $100 billion in catastrophe-related losses—about $700 million per month—many times more than in previous decades.
Most water damages are caused due to frozen, broken or burst pipes, leaky appliances and flooded basements. In fact, frozen and broken water pipes rank No. 2 only behind hurricanes in terms of both the number of homes damaged and the amount of insurance claim costs in the U.S. In most cases, pipes break during freezing weather.
A third, and probably most devastating, type of water claim is from flooding. Flooding is also probably the most misunderstood of the types of water claims. The reason for the misunderstanding is that flood is not normally covered by most insurance policies. To have flood coverage, it is usually necessary to have special flood coverage.
A good rule of thumb in trying to determine if there is coverage for water damage is, “If the water comes down, it might be covered. If it comes up, it is usually not covered.” The exception to this is the backup of sewers or drains. On some policies, drain backup is covered.
The first goal is to avert serious health problems that can be caused by mold, mildew, fungus or contaminated water. Water damage never comes at a convenient time! But when it does, it needs to be done right or the lingering odor or telltale marks that can significantly reduce the value of your property.
Insured Bill of Rights
You need a restoration expert that works for you to protect your interest. Under The law, it is your right to choose what company will perform work in your home or business. The Insured Bill of Rights states that you have the right to choose! When deciding which restoration company will suit your needs best, look for a qualified and reputable company, that will stand behind work performed and warranty responsibilities.