Water damage insurance is an extremely important safeguard for Lewisville homeowners. However, when the actual need to implement the policy occurs, many homeowners realize they don’t actually know how their policy works. To help you avoid this problem, here are five basic tips about water damage insurance from our cleanup experts at Restoration 1 of Denton County.
Before dealing with the specifics of water damage insurance, it’s first important to break down what it is to avoid confusion. Put simply, water damage insurance is an agreement between you and an insurance company where you agree to pay them a monthly premium. In return, they agree to cover the cleanup costs incurred if your home is affected by water damage under specified circumstances. Water damage insurance is a must if you are a homeowner. It is not burdensome and expensive compared to other types of insurance and it will prove to be a lifesaver if your home is ever affected by water damage.
The coverage of a water damage insurance policy varies somewhat from policy to policy. However, the basic gist of most policies is that they will cover any water damage that occurs in your home that is not due to total negligence on your end and is not due to flooding (flood insurance typically needs to be purchased separately). Make sure you understand the specifics of your policy so you know exactly what is and is not covered.
Yes! Purchasing water damage insurance is never a bad investment. It will give you continued peace of mind and ensure that any unexpected water damage to your home will not be financially devastating for you.
This is one of the trickiest things about water damage insurance. Many homeowners are surprised to learn that flood damage is not covered in the water damage insurance plan. Usually, the main difference between these types of policies is that water damage policies cover damage occurring from internal water sources like a burst pipe or overflowing toilet. Flood damage policies cover water damage that may occur from a flash flood or severe rainstorm.
Working with your insurer can be a complicated and stressful process. One of the main things to know when working with your insurance company is that it’s always ok to ask questions. Rather than being stressed and frustrated because you don’t understand how your claim is being processed, call and ask for clarification. Moreover, make sure you file your claim without delay and follow up with your insurer as needed.
While it may seem so on the surface, water damage insurance doesn’t have to be complicated. By asking the right questions and putting in the time to read your policy carefully you should be able to understand the basics of your policy. Nonetheless, if you do ever have any questions about how to deal with your insurer, we at Restoration 1 of Denton County are happy to help throughout the water damage cleanup process.