Smart Money Moves When You Have Water Damage

Opening your front door and stepping in water or standing in your kitchen and watching water pour through your ceiling are not images most homeowners like to imagine, yet water damage is the fastest growing claims category for insurance companies. As with most things being prepared is the best way to avoid costly mistakes and ease an unpleasant situation. First, before it happens, know what your homeowner’s policy covers.  Many policies have exclusions for sewage damage and some newer policies are excluding water damage. Water damage claims average $5,000 – $8,000 and some claims can exceed $30,000.  Review your policies and if coverage is not there, have it added. So, you wake up in the middle of the night to the sound of rushing water.  You find the supply line to the toilet has ruptured and water is out into the hallway and cascading onto the first floor.  Now what?  As soon as possible, turn the water to the supply ...

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