Home Insurance Reminder
03-08-2011, 07:18 AM
#1
Home Insurance Reminder Well this just happened to a close friend of the family and I figure I throw it out there for ANY home owner with things they want to protect.
Yesterday the lower level of a split level ranch was under 3 inches of standing water. Mind this home has not had this happen in the 16 yrs they have lived there. But water got through yesterday morning. Recently built man cave has good amt of water damage, may have to rip out the walls. All the new Laminate floors got thrown away and much, much more. I spent about a good 4 hours helping.
Due to them not have the writer on their policy called: Water Back-up or Sump Pump Overflow he has to eat the rebuilding cost. He is a very capable carpenter so its not so much a worry on materials and labor its just the fact that he has to deal with it.
As a insurance agent, I figure I toss this one out and if you can call up and add it, its cheap money. Covers things like water heaters, washer/dryers, boilers, or anything in a basement, esp. if its a finished off one. I think most companys work in $5,000 increments. Carry at least 20k as it would go towards Labor, Meterials, and personal property as well as Disposal.
Yesterday the lower level of a split level ranch was under 3 inches of standing water. Mind this home has not had this happen in the 16 yrs they have lived there. But water got through yesterday morning. Recently built man cave has good amt of water damage, may have to rip out the walls. All the new Laminate floors got thrown away and much, much more. I spent about a good 4 hours helping.
Due to them not have the writer on their policy called: Water Back-up or Sump Pump Overflow he has to eat the rebuilding cost. He is a very capable carpenter so its not so much a worry on materials and labor its just the fact that he has to deal with it.
As a insurance agent, I figure I toss this one out and if you can call up and add it, its cheap money. Covers things like water heaters, washer/dryers, boilers, or anything in a basement, esp. if its a finished off one. I think most companys work in $5,000 increments. Carry at least 20k as it would go towards Labor, Meterials, and personal property as well as Disposal.
03-08-2011, 08:05 AM
#2
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That's def shitty. I just remodeled my house and My dishwasher took a dump on me and flooded out the kitchen and destroyed my $1500 floor I just put in a few months ago. My Insurnace told me they don't cover the Appliances unless it's a Major item. Even tho they told Me they would when I first got my policy. Still waiting for someone to come out and get and estimate on the damage
03-08-2011, 08:06 AM
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sucks to hear, i was wondering how you yankees are making out up there w/ all this snow/water and mud
thats def good advice, i think ill do that once i finish my basement
-brandon
thats def good advice, i think ill do that once i finish my basement
-brandon
03-08-2011, 08:08 AM
#4
yeah your buddy is not the only one. I know 2 other people this happened to in finished basements over the last couple days. Thankfully my parents were not one of them like last year. (They paid to get their drywells and perimeter drainage system cleaned and checked since then)
Like you said I know atleast one of them insurance said it was not covered.
I personally bought the "Water backup" option. It costs me an extra $100ish a year, just for the peice of mind. However make sure you get your info straight, water backup vs flood. I know water backup covers things like main breaks and sewage backups, its a good otpion for you if you have town water/sewer. i am not sure if it covers things like ground water or flooding if not from a utility, but I could be wrong.
Anyways this kinda stuff sucks. I drove through Leominster the other day near home depot, tons of water everywhere. Couple of the streets out behind my place are probably almost 2ft deep in spots.
Like you said I know atleast one of them insurance said it was not covered.
I personally bought the "Water backup" option. It costs me an extra $100ish a year, just for the peice of mind. However make sure you get your info straight, water backup vs flood. I know water backup covers things like main breaks and sewage backups, its a good otpion for you if you have town water/sewer. i am not sure if it covers things like ground water or flooding if not from a utility, but I could be wrong.
Anyways this kinda stuff sucks. I drove through Leominster the other day near home depot, tons of water everywhere. Couple of the streets out behind my place are probably almost 2ft deep in spots.
03-08-2011, 08:44 AM
#5
Yea the diff is the area has to be declared a Flood in order to draw from an optional "Flood" Policy, which from what I read does not cover much and has a percentage deductible which in most cases most damage does not exceed.
Waterback up should cover Seepage like this, as whether it was from a sewer line, sump pump fail or something comeing through the foundation. Another friend who does AC/Heat work was working on a house built in the 1800's which had a stone foundation, yesterday had 4 ft of standing water, boiler completely buried and even though it was pumped out, the computer board was fried so thats a whole new boiler.
Waterback up should cover Seepage like this, as whether it was from a sewer line, sump pump fail or something comeing through the foundation. Another friend who does AC/Heat work was working on a house built in the 1800's which had a stone foundation, yesterday had 4 ft of standing water, boiler completely buried and even though it was pumped out, the computer board was fried so thats a whole new boiler.
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03-08-2011, 02:06 PM
#8
I have it....even being on a second floor condo.
My complex is built lower then street level and between the pump that sends everything up to the main street failing and people literally putting diapers in the main I'm glad I did. Hopefully I never had to use it because I'll be ankle deep in actual **** and I wont care if it's covered or not.
My complex is built lower then street level and between the pump that sends everything up to the main street failing and people literally putting diapers in the main I'm glad I did. Hopefully I never had to use it because I'll be ankle deep in actual **** and I wont care if it's covered or not.
03-08-2011, 02:30 PM
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You guys need to talk to your insurance companies. I am an agent and I have gotten some of my customers coverage to help even though they didn't have the water backup coverage. The claims I helped with didn't cover the repair or replacement work on the drain however we got them settlement on general water damage that they had.
OP also made a very good point, water backup is based on it's own coverage limits and deductible. I've had people come to me with limits of $2000 and a deductible of $1000!! Yes they had coverage for it but it wasn't worth a ****
I quote all policies WITH good water backup coverage and if the customer doesn't want it you can be sure they are signing off on it cause I don't want it on my conscience if something happens
OP also made a very good point, water backup is based on it's own coverage limits and deductible. I've had people come to me with limits of $2000 and a deductible of $1000!! Yes they had coverage for it but it wasn't worth a ****
I quote all policies WITH good water backup coverage and if the customer doesn't want it you can be sure they are signing off on it cause I don't want it on my conscience if something happens
03-08-2011, 05:58 PM
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just want to throw this out their, but i deal with this all the time as my basement is finished. i have 3 sub pumps that usually work but sometimes they just cant keep up. a couple of years ago i called fema just for the heck of it and they sent someone down with ina couple of days took pics and poke around for a bit wrote a report and said they would get back to me. about a weel later i got a check in the mail for almost 6,000 with a letter attached to it saying i had to keep receits and mail them back to them showing i spent the money on fixing what was wrong......dont now if you can still do it but its worth a try
03-09-2011, 08:00 AM
#11
One reason I bought a house, that didn't and probably never will have a water issue.
And if it does, the baement floor, has a drain in it that runs out to the street pipe anyway... and I have tested it (when the basement was empty when I moved in).. water does all run to the drain..
One good thing about an older home, they had these in them, they're not legal anymore, but if it's already there, you don't have to get rid of it
If I ever decide I want to do something with my basement other then store stuff, I will finish the ceiling with a removable drop ceiling, so I still have access to the plumbing, and probably remove the ugly stucco they did on the foundation walls and paint them, and the floor (with drylock paint, then a color)... and put a zone of heat down there, and I think that would be about it. Sheet rock and all that is nice, but even with my house havin ga 60 year history of never having any water get in it, I don't think I would want to chance it.
And if it does, the baement floor, has a drain in it that runs out to the street pipe anyway... and I have tested it (when the basement was empty when I moved in).. water does all run to the drain..
One good thing about an older home, they had these in them, they're not legal anymore, but if it's already there, you don't have to get rid of it
If I ever decide I want to do something with my basement other then store stuff, I will finish the ceiling with a removable drop ceiling, so I still have access to the plumbing, and probably remove the ugly stucco they did on the foundation walls and paint them, and the floor (with drylock paint, then a color)... and put a zone of heat down there, and I think that would be about it. Sheet rock and all that is nice, but even with my house havin ga 60 year history of never having any water get in it, I don't think I would want to chance it.
03-09-2011, 09:47 AM
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One reason I bought a house, that didn't and probably never will have a water issue.
And if it does, the baement floor, has a drain in it that runs out to the street pipe anyway... and I have tested it (when the basement was empty when I moved in).. water does all run to the drain..
One good thing about an older home, they had these in them, they're not legal anymore, but if it's already there, you don't have to get rid of it
If I ever decide I want to do something with my basement other then store stuff, I will finish the ceiling with a removable drop ceiling, so I still have access to the plumbing, and probably remove the ugly stucco they did on the foundation walls and paint them, and the floor (with drylock paint, then a color)... and put a zone of heat down there, and I think that would be about it. Sheet rock and all that is nice, but even with my house havin ga 60 year history of never having any water get in it, I don't think I would want to chance it.
And if it does, the baement floor, has a drain in it that runs out to the street pipe anyway... and I have tested it (when the basement was empty when I moved in).. water does all run to the drain..
One good thing about an older home, they had these in them, they're not legal anymore, but if it's already there, you don't have to get rid of it
If I ever decide I want to do something with my basement other then store stuff, I will finish the ceiling with a removable drop ceiling, so I still have access to the plumbing, and probably remove the ugly stucco they did on the foundation walls and paint them, and the floor (with drylock paint, then a color)... and put a zone of heat down there, and I think that would be about it. Sheet rock and all that is nice, but even with my house havin ga 60 year history of never having any water get in it, I don't think I would want to chance it.
We also did vinyl soffit for his ceiling which still allowed access to his plumbing, cable, and phone.
03-09-2011, 10:23 AM
#13
^ As long as the area can breathe your fine, they even sell this sub-floor that make it virtually resistant to water issues as it gets the flooring above the concrete. My buddy who had the water damage is weighing cost vs utility on that one but there are some cool things out there.
Even Water Blocker "paint" that can be rolled on damp walls. Thats killer.
Even Water Blocker "paint" that can be rolled on damp walls. Thats killer.
03-10-2011, 04:24 PM
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My wife works for an insurance company here in Maryland. She said they have to offer it to you when you get your original policy...Not sure if that's a local thing or what? I know mine only adds like $18 a year to the total policy so it's truly a no-brainer of whether to have it or not...Even so, a LOT of people assume they have it, and don't...definitely something to verify BEFORE you need it.
I do know that I never knew I had it, but was very, VERY relieved to discover I did last Summer when my finished basement got 2+ inches of water throughout when the sump pump popped a breaker in the middle of the night, trying to keep up with torrential rain we had that night.
Had a $500 deductible and since damage totalled roughly $22,000 I had a huge weight lifted from my shoulders...still sucked the big one getting called at work from a crying wife that everything that happened to be at floor level was ruined...
A company called Serv-Pro did all the cleanup and debris removal, and then I did all the restoration (and upgrading) myself, aside from the carpet install.
I now have a new much larger sump pump on it's own dedicated circuit.
Battery back-up sump pump with alarm (if it comes on due to power outage, we'll know immediately)
Another thing to remember, no insurance company can replace photos, or other sentimental valued items, so keep that in mind. Anything laying on the floor is done for, pretty much. My wife was more devastated about losing hundreds of her old family photos, then she was about the entire lower level of the house being trashed.
I do know that I never knew I had it, but was very, VERY relieved to discover I did last Summer when my finished basement got 2+ inches of water throughout when the sump pump popped a breaker in the middle of the night, trying to keep up with torrential rain we had that night.
Had a $500 deductible and since damage totalled roughly $22,000 I had a huge weight lifted from my shoulders...still sucked the big one getting called at work from a crying wife that everything that happened to be at floor level was ruined...
A company called Serv-Pro did all the cleanup and debris removal, and then I did all the restoration (and upgrading) myself, aside from the carpet install.
I now have a new much larger sump pump on it's own dedicated circuit.
Battery back-up sump pump with alarm (if it comes on due to power outage, we'll know immediately)
Another thing to remember, no insurance company can replace photos, or other sentimental valued items, so keep that in mind. Anything laying on the floor is done for, pretty much. My wife was more devastated about losing hundreds of her old family photos, then she was about the entire lower level of the house being trashed.
