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Home insurance policies are a necessity, but they are sometimes difficult to navigate. And while it may seem attractive to try and get the lowest possible rate for insurance, that choice may end up costing you more in the future should disaster strike. This seems to be especially relevant to policyholders when it comes to water damage, as more and more homeowners are looking to get lower premiums.
So, what does water damage protection mean and why should you make sure you are getting adequate coverage? Read on for more below.
What is water damage protection?
Water damage protection is in most homeowners’ policies and takes effect when it comes to accidental water damage. This can occur from a storm, such as a hurricane or a thunderstorm, or even from a plumbing malfunction. Water damage is one of the most common homeowner insurance claims, and it’s important to note that it is not the same as flood insurance. Often, water damage protection does not protect in the case of the homeowner being negligent.
Limited water damage coverage
While it’s understandable that one would want to score a lower premium, sometimes this means accepting limits that can be detrimental in the future. One trend has to do specifically with water damage. Many people have been accepting lower limits for water damage coverage to get a lower premium. The lower limits are usually $10,000, and while that on the surface sounds like sufficient limits, that may not be the case.
In fact, just to obtain the fans to dry out the water can cost up to $10,000, depending on the number of fans. Pipe leaks also often occur behind the walls or floors, and by the time the owner learns of it, the damage can be extensive. In cases like this, $10,000 is rarely enough coverage to make the necessary repairs.
The importance of water damage coverage
It goes without saying that having sufficient coverage for water damage is absolutely crucial if you own a home in Florida. Between classic torrential downpours in summer to hurricane season, having a policy with inadequate water damage coverage can spell disaster. Be sure to invest in a policy that has ample water damage coverage, and think of it as a smart investment rather than a too-expensive hassle.
Have an insurance dispute? Call Brooke Boltz
If you’ve suffered water damage to your home and are facing mounting financial obstacles, the last thing you want is to have your insurance claim be delayed or outright denied. If this happens to you, it’s imperative that you call Brooke Boltz. Brooke regularly goes to bat against the largest insurance companies for her clients to make sure they receive the compensation they deserve and can get their lives back on track.
Don’t let an insurance company get away with not providing you the compensation you need. Boltz Legal is here for you. Set up a free phone consultation with Brooke today.