Waterproofing Repairs: What is and is not covered by homeowner’s insurance
Water intrusion and the damage that can result is something that most homeowners experience within the lifetime of their home. It is a repair that needs to happen for the longevity and safety of your home. Paying out of pocket can seem like an impossibility for the average person. That is why homeowner’s insurance policies are in place. They can cover you for $250,000 or more in the event of something happening. However, before coverage can happen, it must be accepted by the insurance company you have chosen to cover your home. This is where coverage can get a little tricky. In the event of water damage occurring, insurance companies have strict policies on which damages they will “accept” to cover and those they will “reject” or choose not to cover. Here are water damage occurrences where your insurance will most likely accept your claim:
- Broken pipes or appliances
- Overflowing sink or tub
- HVAC malfunction
Sadly, that is about it for insurance coverage. If you have any internal causes of water damage and it can be proven to not be external, it should fall under your typical homeowner’s policy. Usually, your insurance company will point you towards a waterproofing company within their network to repair the damage, so a lot of the leg work is done for you.
On the flip side, when your water damage does not fall under the parameters of your insurance policy, repairs can be expensive. After all, billions of dollars are spent each year to repair water damage-related issues in the home and 20 percent of all insurance claims are related to water damage of some kind. This makes it imperative that you know what is not covered in your policy:
- Malfunctioning downspouts or drainage systems
- Groundwater intrusion
- Exterior storm-related water damage
To be more specific, insurance company’s do not typically accept claims that involve external water sources as the cause of a home's water damage. They believe that if they did, a homeowner will not have any incentive to improve the value of their home on their own and there would be a huge increase in water damage-related claims. While your insurance company may not cover all water damage, they can refer you to a waterproofing company in their network. Although this route is easier, it is important to know who is being hired to do the work on your home and do your own research.
Choosing the right waterproofing company
Do your own research. You have every right to accept the company they refer you to, but they might not be the best option out there. Choosing a trusted waterproofing company to address the issues in your home entails choosing an entity that has your best interest at heart. The bottom line is you want the damage repaired without too big of a hit on your finances. Carolina Basement Solutions will do just that. CBS will only charge you for the extent of the repair that you need and if you do not need a huge overhaul of repairs done, we will not hesitate to inform you. Our goal is to cater to the customer's needs and to be honest with the work that we do. We also have financing options available that will help any level of repair fit into your budget. To provide the best service that we can, as well as options for all our customers and to make things as easy as possible, CBS offers various methods of payment.
If you are held liable by your homeowner’s insurance policy rest assured that Carolina Basement Solutions will help you find an affordable way to address the damage. Call us at 833-641-0517 or go to bit.ly/CBSConsult to schedule a FREE inspection today!