Water and Sump Pump Backup is an endorsement to the Homeowners Policy that is often forgot about by first time home buyers. A homeowners insurance policy in its basic form will not cover water that is backed up through a drain, toilet, etc. If you own a Sump Pump and it fails or is over-loaded, you also not covered.
Though it may not feel like it outside today, Spring is rapidly approaching and with Spring comes snow/ice melt and lots of rain. All that water has to go someplace and for many unfortunate people that place is going to be their basement.
This is not Flood Insurance. Flood insurance is a different monster and is designed for areas such as the Mississippi River Valley or any other area where flooding occurs. If you live in a Flood zone and don't have flood insurance, your Homeowners does not cover Flood either. Go find a good insurance professional and get a flood policy today.
Water and Sump Pump Backup covers drains, discharges, sump pumps, and toilets. Basically any place where excess water can "backup" into your home. Most often this happens in the form of six inches of water on your basement floor. The water is dirty and disgusting and its going to cost you a few grand to clean up and dry out your basement, not including the damages to your personal property.
On most policies you can buy an "Endorsement" or "Rider" to cover between $2,500 and $25,000 worth of damage and repair. Do NOT assume you have this endorsement. Many agents will leave Water and Sump Pump Backup off a policy because they want to offer their client the "Lowest Price" in order to get the business. And since you didn't ask for it, they don't feel obligated to offer it to you.
So if you are a First Time Home Buyer or current Homeowner who may be at risk of a wet basement, talk to your insurance professional about the Water and Sump Pump Backup endorsement. The small fee is worth the coverage.
If you have any questions on this or any other Property/Casualty or Health Insurance related questions please feel free to email me.
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