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No, a standard home insurance policy will not cover basement flooding due to heavy rainfall. For coverage, you would need to purchase a separate flood insurance endorsement or policy. Show comments
Some insurance agents may recommend this coverage if your home has an older plumbing system, or you have a basement or living area below ground level. Understanding water damage insurance claims
Long-term leaks: Insurance typically provides coverage for pipes that burst, but it doesn’t usually cover leaky pipes — especially if the damage occurred over an extended period. If the pipe ...
A number of insurance companies offer policyholders reduced rates for installing a whole-house leak protection system. As far as insurance coverage is concerned, damage caused by surface water intrusion to the dwelling is considered flood damage and is normally excluded from coverage under traditional homeowners' insurance.
United States insurance companies used to offer foundation insurance, which was reduced to coverage for damage due to leaks, and finally eliminated altogether. [8] The insurance is often misunderstood by its purchasers; for example, many believe that mold is covered when it is not a standard coverage. [9]
An 18th-century fire insurance contract. Property insurance can be traced to the Great Fire of London, which in 1666 devoured more than 13,000 houses.The devastating effects of the fire converted the development of insurance "from a matter of convenience into one of urgency, a change of opinion reflected in Sir Christopher Wren's inclusion of a site for 'the Insurance Office' in his new plan ...
The insurance adjuster informed them that the 3.5-inch step down into their sunken living room classifies it as a “basement” under their policy — meaning it isn’t eligible for flood coverage.
Insurance battles lasted for years, the central point being the definition of the accident, i.e., whether it was a "flood" or a "leak". Leaks were covered by insurance, while floods were not. Eventually it was classified as a leak, which is why many residents still call it the "Great Chicago Leak". [6]