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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
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
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.
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]
Extended coverage is a term used in the property insurance business. All insurance policies have exclusions for specific causes of loss (also called "perils") that are not covered by the insurance company. An extended coverage endorsement (EC) was a common extension of property insurance beyond coverage for fire and lightning.
Plumbing: Most homeowners insurance policies should cover plumbing-related damage unless it is the result of negligence, a long-term leak, old pipes or a sump pump.
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 ...