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5 Things that Standard Homeowner Insurance Policies Don’t Cover After Water Damage
1) Items with sentimental value
Old family photographs or heirloom items that were used by your great-grandmother may have little replacement value for legal and insurance purposes, while the emotional value they have is priceless. Damage to these items can be one of the most upsetting parts of any plumbing incident.
2) Property of roomers, boarders, and other residents not related to the insured party
Do you rent out a room to someone else to help pay your mortgage? Property of roomers, boarders, and other residents not related to the insured party are not covered by a standard homeowner insurance policy. If they don’t have renter’s insurance, you’ll end up with a very unhappy roommate if their computer, clothing, and other personal items are ruined by your pipes bursting.
3) Pets
Do you have pets at home? If Fido is impacted by a pipe bursting, your homeowner’s insurance will not pay any of the health bills or other related expenses. This exclusion can be especially painful, as pets can be considered members of the family.
4) Collectables, furs, jewels, etc.
Standard homeowner’s insurance policies have special limits on a variety of items that are often worth much more than these limits. While you may be able to get special coverage on some items, the coverage is often expensive and specific to an individual item. Thus, you may find that in the case of water damage, some of your most valuable items are not adequately covered.
5) Your time and sanity
Rebuilding after water damage, even when it is covered, can be incredibly time-consuming. The many hours you’ll spend on the phone with the insurance company, documenting damage, meeting with contractors, etc., can exhaust your time and sanity. Sadly, homeowner’s insurance offers absolutely zero coverage for this loss of time and sanity.
Standard homeowner’s insurance will not help you recover from any of these losses if water damage is the culprit, some of which are irreplaceable anyway. It is important to do whatever you can to monitor your home’s water and take preventative measures to prevent water damage from affecting your home and family.
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