Archive for Water damage claims

Ice Dams – Home Insurance Companies

Oklahoma homeowners have seen very warm weather and very cold weather so far this year.  However, homeowners in the Northeast are experiencing one of the most severe winters in recent history.   Here is an article about ice dams that have been a problem for Oklahoma homeowners in the past and certainly for homeowners in the Northeast now.  Click here to read it.

 

Moore, OK Home Insurance Quotes

When Water Goes Where It Shouldn’t

Even a small leak can become a major problem for homeowners in Moore, OK,  so knowing what you’re covered for and how to prevent water damage are equally important.  The below tips should help uncover any potential water problems down the road and keep your property dry.

Check appliance hoses.  Standard hoses are not as durable as they used to be.  Replace rubber hoses with steel-braided hoses. This is a low cost fix that can save thousands in water damage.

Broken tiles in the shower can allow water to leak into the walls or on the floor. Replace cracked tiles and re-grout when needed.

Run dishwasher and washing machine only when you are home.  If a leak occurs, you can turn the appliance off right away.

When on vacation, turn off the main water supply to your house.

Keep storm drains near your house clear of leaves.

Install a gutter guard.  This can prevent a rooftop disaster caused by drain clogs, and also prevents flooding by water that isn’t carried away from the house.

Install a water pressure gauge.  An inexpensive gauge can prevent damage caused by water pressure that’s too high.  Pressure should be between 60 and 80 PSI.

Moore homeowners can save money on their home insurance quotes by avoiding water damage losses thereby having a clean claim record.

 

 

 

Homeowners Insurance Coverage Retaining Wall

It’s not unusual for homeowners to spend thousands of dollars erecting a retaining wall.  Most quality homeowner insurance policies are worded consistently on this issue.  A retaining wall is considered a Detached Structure and the maximum amount of coverage is usually 10% of your Dwelling Coverage limit.  The retaining wall is usually covered for damage caused by Fire, Lightning, Wind (including tornado), damage caused by vehicles and a few other types of perils.  HOWEVER, most of the damage that I have seen arises from retaining walls falling due to saturated soil.  This usually happens when we have experienced an extremely wet period lasting 3 or more days.  This falls under the Earth Movement policy exclusions and is not covered.

Preventing Water Damage

Water damage claims are one of the most common losses that Oklahoma homeowners face.  Safeco Insurance has written some good tips on ways to prevent and/or minimize your water damage loss. http://www.safeco.com/homeowners-insurance/do-more/water-detection-gadgets-and-devices#hoses

Standard homeowners and renters insurance does not cover flood damage. Flood coverage, however, is available in the form of a separate policy both from the National Flood Insurance Program – NFIP (888-379-9531) and from a few private insurers.
The NFIP provides coverage for up to $250,000 for the structure of the home and $100,000 for personal possessions. The NFIP policy provides replacement cost coverage for the structure of your home, but only actual cash value coverage for your possessions. Replacement cost coverage pays to rebuild your home as it was before the damage. Actual cash value is replacement cost coverage minus depreciation so that the older your possessions are, the less you will get if they are damaged. There may also be limits on coverage for furniture and other belongings stored in your basement.
Flood insurance is available for renters as well as homeowners. You will need flood insurance if you live in a designated flood zone. But flooding can also occur in inland areas and away from major rivers. Consider buying a flood insurance policy if your house could be flooded by melting snow, an overflowing creek or pond or water running down a steep hill. Don’t wait for a flood season warning on the evening news to buy a policy—there is a 30-day waiting period before the coverage takes effect.
Excess flood insurance is also available from some private insurers for those who need additional insurance protection over and above the basic policy or whose community does not participate in the NFIP. Depending on the amount of coverage purchased, an excess flood insurance policy will cover damage above the limits of the federal program on the same basis as the federal program—replacement cost for the structure and actual cash value for the contents.
Excess flood insurance is available in all parts of the country—in high risk flood zones along the coast and close to major rivers as well as in areas of lower risk—wherever the federal program is available. It can be purchased from specialized companies through independent insurance agents, or from regular homeowners insurance companies that have arrangements with a specialized insurer to provide coverage to their policyholders.
To find out whether private primary flood insurance is available in your area, contact your insurance agent.

http://www.iii.org/

 

 

 

 

Edmond Home Insurance

Last week I was working with a new potential client here in Edmond.   I asked him about the prior home insurance claims that he had filed in the last few years.  He began to tell me about a very unfortunate situation where he sustained major water damage only to find out later that water damage claims are not covered under his policy.

Sudden ruptures of water are covered under most property policies but not all.  When you are shopping and getting home insurance quotes, make sure you ask about coverage for water damage.