Is a broken water main covered by homeowner’s insurance?
Most basic home insurance plans do not cover every contingency or potential source of home damage. Many plans are offered a la carte and allow homeowners to protect themselves from the dangers that prevail there. However, knowing the difference between what is covered and what is optional makes the difference when disaster strikes. Basic plans cover eleven types of disasters. The entire list that every homeowner should know is fire, lightning, smoke, vandalism, theft, ice, snow, storm, hail, riot and volcanic eruption. While the list looks exhausting, there are many special cases that are not covered. Additional options added to the base packages include damage from frozen piping or losses due to heating system failures. When deciding on the level of home insurance, these popular options deserve careful attention.
Flood Insurance The biggest ticket that does not belong to most packages is the flood insurance. Despite general conviction, the main damage caused by floods and broken water main are not covered by the basic insurance. Homeowners in well-identified or open-ended floodplains are usually the only ones buying cover. For example, any homeowner who has Virginia Beach home insurance will also have flood insurance for tides and heavy storms. Well, many homeowners do not believe their homes are in a floodplain unless they live near the ocean, a lake, or a river. But even deep lying soil in high elevations can be flooded during heavy rains, especially for a short time. Localized floods are a problem in almost all parts of the country. Broken water main, failed dams or abandoned dykes can cause flooding. Even if an area has been free of severe water damage for years, that’s no guarantee that the situation will remain the same.
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Home insurance policies include a liability insurance provision that protects the owners and their guests as well as all other persons in the event of damage. However, the limits of basic liability are often insufficient. If you consider an accident taking place on someone’s property, the liability insurance must cover medical expenses, legal fees and home repairs. These costs can quickly increase with debilitating injuries, multiple casualties or even death. Buying additional home liability insurance is very cost effective and provides a high level of security. Any household with a pool, trampoline, outdoor animals or anything that could pose a potential hazard should invest in this extra insurance. Houses in areas of the country where icy weather prevails can also benefit from injuries from slipping on frozen surface or falling ice and snow. When considering homeowner insurance, always keep in mind which conditions are covered and what is optional. It’s too late after an accident or disaster. Comprehensive coverage is the best way to actively protect your family, property and investments.
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