Most of the home insurance claims are done because of the water damage. So it is important to know what coverage is provided in your home insurance plan and up to what extent. According to a research, water damage claims are the second most frequent ones in home insurance, the first one being the wind and hail damage.
The water damage claims are also increasing as compared to the other fairly consistent claims. It is no wonder that people have plenty of questions about water damage and insurance coverage and most of the clients often ask, does homeowners insurance cover water damage from leaking pipes?
Let us consider some of the common water damage situations and the considerable coverage which is provided in the homeowner’s insurance.
Types of Water Damage:
Common types of water damage which are considered when taking a homeowners insurance are as follows:
- Accidental water discharge
- Sewer backup
- Water damage caused by the storm
- Water damage caused by leaking pipes
Homeowners’ insurance plans usually cover some or all of the above-described water damages and you can claim the insurance anytime you feel the need to.
Water Damage from Leaking Pipes & the Insurance Claims
Generally speaking, all of the homeowner’s insurance provides coverage for the accidental water discharge or sudden leaking of the pipes, but when it comes to the water damage that continues for months or years, you may not find coverage for this in your homeowners’ insurance.
The homeowners’ insurance coverage totally depends upon the type of plan and the type of leak you are encountering. Even if your homeowner’s insurance plan covers the water damage this doesn’t include any mold or mildew damage and you have to bear its cost on your own.
If your homeowners’ insurance provides full coverage for water damage, it includes the coverage for the cost to reach the problematic pipe by tearing the wall, the water damage caused due to this leaking pipe, the mold repair, the cost for repairing the torn wall and the tiles. The only thing that is covered in this plan will be the actual repairing of the leaking pipe.
The Concerned Question:
As to where your question is concerned, the coverage depends upon the type of leak, the currently chosen insurance plan and the current condition of the damage and the timing of your claim. If you report the water damage late you may be at the losing end as the insurance companies may not give you full coverage in that sense, but you will also not lose all of your rights solely because of late reporting.
If the water damage is accidental or result in sudden leaking of the pipes, the homeowners’ insurance usually provides coverage for you, but if the water damage is gradual, it may not be covered in your insurance plan. It is therefore important to claim the insurance as soon as you find the problem in your house.