What you need to know about home water damage insurance
Water damage insurance policies are not all treated the same – that’s why you need to customize your policy to cover you no matter what happens to your home.
Water is the most common cause of damage and accounts for 50% of home insurance claims costs. With the drastic increase in severe weather such as heavy rain, fail, freeze-thaws and flooding cycles, homeowners are becoming more concerned about how water damage can affect their property.
With ThinkInsure, our experts will make sure you have the best water damage insurance in place to protect your home. We work with the leading insurance providers in Canada so we'll compare quotes and plans to get you the lowest rate for your policy.
Key takeaways about water damage insurance:
- Water damage coverage varies significantly between policies. It's crucial to review your specific policy to understand what types of water damage are covered and what exclusions apply.
- Policies often differentiate between sudden and accidental water damage and damage from gradual leaks or maintenance issues, with different coverage implications.
- Flood damage typically requires a separate policy.
- Insurers emphasize the importance of home maintenance in preventing water damage. Regular inspections and timely repairs can help avoid issues that might not be covered.
- If water damage occurs, prompt action to mitigate further damage (such as shutting off water, drying affected areas) and reporting the claim quickly with necessary documentation is important.
