Minneapolis Lofts
Water Damage – Covered or Not?
November 12, 2012 by Financemyhome · Leave a Comment
A number of things can cause water damage to a home and it’s important to know whether they’re covered by your insurance policy. Some water damage may be covered and other may not be. Generally, you need an incident to invoke coverage rather than something gradual due to lack of maintenance.
However, some incidents are specifically exempt from homeowner policies such as floods. A flood can be described as rising water due to overflow of inland or tidal waters or unusual and rapid accumulation or runoff of surface water from any source.
Homes in designated high-risk flood areas with mortgages from federally regulated or insured lenders are required to have flood insurance.
Even if you don’t live in a dedicated flood zone, you could be affected by flood damage. Review your policy about water damage and call your insurance agent to get a better understanding. Ask if you need to purchase additional coverage or separate flood insurance along with other questions http://www.floodsmart.gov/floodsmart/pdfs/questions_for_agent.pdf
Flood insurance can be purchased for the building and the contents. The average flood insurance policy costs about $600 per year. For more information, see the National Flood Insurance Program http://www.floodsmart.gov/floodsmart/pages/residential_coverage/rc_overview.jsp
Sincerely,
RE/MAX Results
John Mazzara
7300 France Ave S #410
Edina, MN 55435
Off-952-929-2577
Cell-612-386-7027
Fax-952-928-3799
Google Voice- 952-491-0884
john@johnmazzara.com
http://www.MinneapolisStPaulHomes.com
Watch my Youtube video on how I sell a home:
http://www.youtube.com/watch?v=oz1zGDOXcoQ
RE/MAX real estate intro video at http://youtu.be/EJE_s67xIWI
NMLS # 332556
Powered By WP Footer
READ MORE
Previous: Just Watched Act Of Valor-Thank a Veteran todayNext: Discussion Points for a Minnesota Homeowner Contemplating Options on their Underwater Home
