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INSIDE 1 A Guide to Hurricane Preparedness 2 ‘The Outsiders’: A Model for Success 2 Making Insurance Endorsements Work for You 3 One-Pan Veggies and Chicken 3 How the MLB Helped Create Disney+ 4 Which Types of Insurance Cover Water Damage?
This or That? Which Types of Insurance CoverWater Damage?
There are many different ways water can damage your home and that determines how the policy may or may not be able to respond. For instance, if a pipe breaks in your wall, the water damage will be different from a water backup or even sewer damage. Those damages are surely different from those resulting from wind-driven rain, which are different from rising water and flood water. While it’s all “water damage,” policies will respond very specifically to certain things. For example, if a hurricane barrels up the coast and you sustain water damage — and you carry hurricane insurance — the damages will likely be covered under your existing policy. However, if you also sustained rising water damage and do not carry flood insurance, the damage from the rising water may not be covered.
When hurricane Sandy hit in the Northeast, a lot of folks sustained damage from both wind and rising water, but if they didn’t have the proper coverage for addressing both scenarios, they may not have been covered. We just had an elderly client who lived along the Jersey Shore. She was excited to have just paid off her home and when she did, she canceled her flood insurance. When Hurricane Sandy hit a few weeks later, due to the fact that she had substantial damages from the rising ocean water, she lost everything — it’s absolutely heartbreaking. It is essential to understand that insurance is a legally binding contract. We highly encourage people to read each page (even past page 80 if necessary!) of that contract so they can understand the exact coverage they do or do not have. That is the only way to be truly prepared. Many people have a difficult time grasping the concept that water can severely damage their property. They may also struggle to understand which types of coverages need to be applied to offer adequate protection ... That’s where we come in! We are here to help you make sense of the differing insurance coverages and to take away any worry and anxiety you may have about this process.
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