Does Homeowners Insurance Cover Pipe Replacement Cost – “Expert Verification” means that our Financial Review Board has fully evaluated the article for accuracy and precision. The review board is made up of a group of financial experts whose aim is to ensure that our content is always objective and balanced.
By: Kacie Goff By: Kacie GoffArrow Right Personal Finance Contributor Kacie Goff is a personal finance and insurance writer with over 7 years of experience in personal and business insurance options. He has written for Simple Dollar, NextAdvisor, Varo Money, Overlay, Best Credit Cards, and more. It covers a wide range of policy types, including lesser-known coverages such as parcel insurance and E&O, and specializes in auto, homeowners and life insurance. Connect with Kacie Goff on LinkedIn
Does Homeowners Insurance Cover Pipe Replacement Cost
Editor: Angelica Leitch Editor: Angelica Leitch Arrow Right Insurance Editor Angelica Leitch is the insurance editor on the team. He is passionate about helping readers make the right decisions for their wallets, whether the goal is finding the right auto policy or finding the best life insurance policy for their needs. Angelica Leichter
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Commentary by Mark Friedlander Mark Friedlander Director of Corporate Communications, Insurance Information Institute Mark Friedlander is director of corporate communications for III, a nonprofit organization dedicated to educating consumers about insurance. Connect with Mark Friedlander on Twitter Connect with Mark Friedlander on Twitter Connect with Mark Friedlander on LinkedIn
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When it comes to your home, water damage is more common than you might think. In the winter, frozen pipes can crack, laundry detergent can leak, and sprinkler systems can malfunction, all of which can cause serious water damage to your home. With an average flood claim of $11,988, these problems add up to approximately $20 billion in damages each year, making it a serious and costly problem for homeowners.
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Fortunately, your homeowner’s insurance covers damage from many disasters, including flood in at least some cases. But while homeowners insurance usually covers some flood damage, it can be difficult to know what is covered and what isn’t. If you’re wondering if your homeowners insurance covers flood damage or what you can do to prevent problems from getting worse, you need to know.
So, when does homeowners insurance cover flood damage? It depends on the water damage. Flood damage from a burst water pipe is often covered by insurance. For example, if your pipes freeze and burst, plumbing and water damage may be covered.
However, the way overlays are applied becomes more complex. Basic dishwashing liquid may be covered – or your claim may be denied. It all depends on the maintenance you have done up to that point. If you knew there was a problem with your dishwasher but didn’t fix it, the insurance company could claim you were negligent and the flood could have been avoided, meaning your claim will be denied. Review the “Liability in the event of a loss” section of your homeowner’s insurance policy to learn how to prevent further damage in the event of a claim.
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Standard homeowners insurance policies almost always do not cover flood damage. For this type of coverage, you usually need a separate flood insurance policy.
The HO-3 policy is the most common home insurance policy on the market. These comprehensive policies provide open risk coverage for your home and freehold structures. This means that most cases of water damage to your home or detached garage are covered unless your policy specifically covers this risk. Your personal property coverage also covers the 16 perils listed on the HO-3 policy form, meaning the perils listed on your policy must be covered to repair or replace your personal belongings.
Usually, you don’t have to worry about whether your homeowner’s policy covers flood damage. However, it’s important to understand what conditions your policy covers and where your claim may be denied.
If this is your first thought