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 not elected to take out additional coverage for these perils. It is also unfortunate that due to a lack of insurance coverage the homeowner may not do the proper job of repair and mold remediation where water may collect and lay stagnant behind the walls.
As indicated in a previous blog, when you are purchasing a home, make sure a CLUE report gets run on the home you are interested in buying to see if a claim has ever been reported for water in the basement. Most often a claim will be set up with the insurance company even if no coverage was provided. This will also assist your home inspector in looking for water damage in the basement area of a home. When getting a homeowners insurance quote on the new home, your insurance agent can order a clue report, and try to see what claims may have been reported on the home your are considering buying.
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