flooding: Water in the basement and Clue reports as it pertains to home buyers and home inspections
- 04/05/09 10:30 AM
In recent Blogs I have talked about water back up, and flooding as well. As mentioned, damage from water in the basement is covered in different ways, depending on where the water comes from. I read a recent article that indicated that on average having 1 inch of water in the basement will cost approximately $7,800 for clean up and repair. With a foot of water, now the price tag goes up to closer to $20,000. It is unfortunate that many people have water damage in the lower level, and do not have insurance to pay for it as they have … (0 comments)
flooding: Homeowners and Flood Insurance Coverage
- 03/22/09 01:38 PM
Lately here in Illinois we seem to be having 100 year floods on an annual basis. Every year I get calls from clients who have a flooded basement and have not purchased coverage for this risk. Where water back up insurance covers water backing up through drains, sewers and sump pumps, Flood insurance is designed to cover water coming over the top of the foundation. This means that generally the house is surrounded by water and the water has nowhere else to go, but enter the home over the top of the foundation. Over the course of a 30 year mortgage, … (2 comments)
flooding: Water in my basement and how is is covered on my Homeowners Insurance?
- 03/16/09 04:14 AM
Spring is the time of year that we start to get quite a few calls related to water in the basement. Every year I send at least 1 communication to my clients to make sure they are fully aware of what is not covered on the basic Homeowners Insurance policy, without purchasing additional coverage. Even though most Homeowners policies cover water related to broken pipes, and plumbing systems, groundwater is a whole different story. Basically, once the water hits the ground and enters the home over the foundation, through the foundation, or backing up through sewers, drains,window wells, or sump pump … (0 comments)
In recent Blogs I have talked about water back up, and flooding as well. As mentioned, damage from water in the basement is covered in different ways, depending on where the water comes from. I read a recent article that indicated that on average having 1 inch of water in the basement will cost approximately $7,800 for clean up and repair. With a foot of water, now the price tag goes up to closer to $20,000.
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