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According to the Insurance Information Institute (Triple-I), the cost of water damage to homeowners between 2017 and 2021 averaged $12,514. What’s worse, this type of damage is common. U.S ...
Homeowners in the U.S. spend an average of $3,000 to repair water damage. However, these costs can fluctuate from $300 to $50,000, depending on the severity of the issue. Water damage caused to ...
This is in part due to the difficulty of measuring the financial damage in areas that lack insurance. For example, the 2004 Indian Ocean earthquake and tsunami, with a death toll of around 230,000 people, cost a 'mere' $15 billion, [1] whereas in the Deepwater Horizon oil spill, in which 11 people died, the damage was six times higher.
An insurance policy may or may not cover the costs associated with water damage and the process of water damage restoration. While a common cause of residential water damage is often the failure of a sump pump, many homeowner's insurance policies do not cover the associated costs without an addendum which adds to the monthly premium of the policy.
Damage to repair the estate cost approximately $7.2 million. [20] A large boat was littered ashore in a canal south of Deering Bay , where water levels were 14 ft (4.3 m) above normal. [ 21 ] Many boats in southeast Florida were damaged from high tides produced by the storm, most notably, the Belzona Barge was damaged, which was a 215 ft (66 m ...
Helene went on to cause between $225 and $250 billion in damage and economic loss, an estimate that includes the projected costs of repairing or completely rebuilding infrastructure, such as power ...
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