07. Water Backup Claims
Your home is one of your most important assets. Homeowners insurance is meant to be a valuable tool for protecting that asset. It's downright overwhelming if you were to create a list of all the ways your home could be damaged. Even more troubling is that all homeowners insurance policies are not created equal.
One risk homeowners face is water damage from the backup of drainage/sewage systems or the failure of a sump pump (often referred to as Water Backup). Water Backup is not a covered feature on a standard policy but a quality policy can extend coverage.
Here are some of the reasons we have heard why this type of loss "will never happen to me."
1 – Our sump pump won't fail, we have a backup system.
A backup system is a must for homes with a basement. However, sump pumps can fail, blockages can occur or your system can be overloaded creating damage.
2 – I do not have anything in my crawl space or basement.
The cost to have a restoration company remove water and dry out your space alone will quickly approach thousands of dollars.
3 – I do not have a basement.
Floor drains and toilets are also areas of risk in which water/sewage can backup.
4 – If something happens I'll just clean it myself.
Water damage, structural drying, mold and sewage remediation is not something to be taken lightly. Your home is an important asset, a professional restoration company is needed to keep it that way!
5 – My builder said our basement/crawl space does not need a sump pump.
See answers above. To be blunt, if there is damage, is the builder willing to show up and restore your home and contents?
Not sure you have this coverage? Enlist the help of an independent agent. Coverage amounts vary by carrier but typically range from $5,000 to $100,000.
Joel and Jeremy Hyde
Colligan & Company
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Established in 1929, Colligan & Company is an insurance agency that serves families and businesses throughout Fort Wayne and the surrounding communities. We create value for our clients by our local presence, by creating independent solutions, and by being a trusted advisor in a competitive industry.