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Sump pump backup: If your home has a sump pump that drains standing water or sewage out of your house, the pump could fail and cause flooding. A standard home insurance policy does not cover such ...
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A tiny, 1/8-inch crack in a pipe can release up to 250 gallons of water a day. [3] According to Claims Magazine in August 2000, broken water pipes ranked second to hurricanes in terms of both the number of homes damaged and the amount of claims (on average $50,000 per insurance claim [citation needed]) costs in the US. [4]
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Flooding resulting from Hurricane Katrina. Nationwide, only 20 percent of American homes at risk for floods are covered by flood insurance. [2] Most private insurers do not insure against the peril of flood due to the prevalence of adverse selection, which is the purchase of insurance by persons most affected by the specific peril of flood.
The term replacement cost or replacement value refers to the amount that an entity would have to pay to replace an asset at the present time, according to its current worth. [1] In the insurance industry, "replacement cost" or "replacement cost value" is one of several methods of determining the value of an insured item. Replacement cost is the ...
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For example, in a sample of 706 hotels in New York City, average daily water use intensity in 2011 ranged from 60 to 456 gallons per 1000 square feet (g/ksf/d), with the median use of 215 g/ksf/d. [11] In other areas the median use per 1000 square feet were reported at: 257 gallons in Florida, [10] and 219 gallons in Austin, Texas. [11]