Insurance Insights From an Ex Agent - Water Back-Up

10/19/2020 (Permalink)

Water does not discriminate and adding the coverage after a loss is too late and illegal at that.

I had a huge revelation about 7 years ago. I started selling insurance, and throughout that time of being an agent. I realized many coverages a homeowner or a business owner would need--- are not even on your policy to begin with. SHOCKER! Right?! These coverages are called endorsements, or riders, or add-ons. No matter the name---there are dozens you can add and if you ask me, you probably should.

One of those important coverages is water back-up. The number one reason to research this coverage is because MOST policies do not include this coverage at all! A standard water or sewer backup coverage endorsement reimburses you for water damage to the structure of your home or personal property if it is discharged or overflows from the following: a sewer or drain, a sump, sump pump, or related equipment, even if the overflow or discharge occurred because of mechanical issues.

And let me let you in on another little-known secret. Even if your insurance carrier does include water back-up---it is usually only a $5,000 limit. Guess what the average water loss is? According to Forbes magazine…it falls into the $10,000's. Time to call your agent, eh?

Another reason to add it is because it is completely affordable to do so. You will not even hardly notice a difference in your overall premium. It usually costs anywhere from $50-$250 a year to increase it to the $10,000 limit. But different limits will differ from home to home, of course. You will need to assess the amount of property in the basement or home---and go from there. Work with your agent to decide a limit that works best for you.

Water backups can happen to any home. Don’t think just because you live in a higher area, on top of a hill, in an area that has never had water issues, or have a flood policy (which is a completely different type of policy) you are fine. Water does not discriminate and adding the coverage after a loss is too late and illegal at that. So, get it on there before you have a bigger problem on your hands.

SERVPRO of New Philadelphia County is not only an expert with water losses, but we work directly with your insurance company to make the most out of your coverage and lesson the headache of dealing with adjusters and insurance companies. If you need help with your water loss. We are a 24/7, 365 days a year, LOCAL restoration company. Our highly trained technicians are ready to respond immediately to flood or water damage at your New Philadelphia property. We have the experience, expertise, and training to restore your home or business quickly and properly. We use advanced inspection and extraction equipment to find the water and remove it as quickly as possible. Our technicians will monitor and document the drying process to ensure your property is back to normal.

But first. Call your agent. SERVPRO will take it from there.