When you consider the statistics, it becomes clear just how common and devastating a problem water damage can be. According to industry estimates, 14,000 people in the US experience a water damage emergency at home or work each day, and 98% of basements in the US will suffer from some type of water damage during their lifetime. The costs are just as staggering as the frequency. Water damage restoration and mold remediation services cost the insurance industry approximately $2.5 billion dollars per year, and the average cost of a home water damage insurance claim is $6,965.
Water leaks alone leave incredible amounts of damage and immense waste in their wake. Water leaks from homes in the US can exceed 1 trillion gallons of water in a year. That’s equivalent to the annual water usage of Los Angeles, Chicago, and Miami combined. These individual leaks often seem tiny, but over time they can generate enormous waste and significant damage to a home. For example, a continuously running toilet can waste over 200 gallons of water per day, and a 1/8-inch crack in a pipe can spill 250 gallons of water in a day.
Considering the above information, water damage is clearly a common occurrence and as such most property owners will require water damage restoration at some point. Water mitigation services are expensive and during such an undertaking there is generally a controlled demolition to remove saturated building materials. This de-construction will ultimately drive the cost of a water mitigation job higher when a contractor is retained to rebuild, bringing the damaged areas back to pre-loss condition.
Water Damage & Homeowner’s Policies
It is estimated that three out of every five Americans are unwittingly underinsured and would not be able to replace their property in the event of a disastrous water event. The right amount of coverage for your home would rebuild your home, replace your belongings, cover injuries and damages that occur on your property and reimburse your living expenses after the loss. Planning for the likelihood of a water event requiring professional restoration services is essential to protecting one’s interests against the possibility of a financially catastrophic water damage loss. Purchasing enough homeowner’s insurance with the correct coverages is paramount to protecting your investment.
There are several possible water damage hazards that are generally not covered under basic homeowners’ insurance. Knowing what falls into this category can save you a lot of time and trauma if you ever experience water damage in the future. Most homeowner’s insurance policies cover water damage from a burst pipe or other water leak in your home, but they usually do not cover flooding as a result of natural disaster. The impact of flood damage resulting in ground water intrusion would not be covered under your standard policy. Coverage for some types of ground water damage can often be purchased as an addendum, but flood insurance must be purchased on its own as a separate policy. Homes that are built on a floodplain, or are in commonly flooded areas, often benefit from flood insurance. Your lender may even require additional coverage for flooding if you live in a floodplain.
Homeowners insurance policies offer both you and your mortgage lender protection in the investment of your new house. Shopping for a new home is an exciting and stressful time and purchasing insurance may become an afterthought. Take the time to understand how to get homeowners insurance when buying a house by researching what coverage your new home needs. Your lender probably requires at least a basic homeowner’s insurance policy and may require additional coverage for natural disasters such as floods or earthquakes.
Water Damage? Contact Us
Water mitigation is the process of reducing or preventing the continuing effects of water damage after a flood or a permeating leak. Property Recovery 911 offers professional water mitigation and flood restoration no matter the source or scope of the water intrusion. We available any time of day or night 365 days a year with 24/7 live phone support to efficiently mitigate losses and help curtail additional damages. Contact us at (267) 808-7200 to prevent or alleviate the devastating effects of water damage and to safely dry, deodorize and disinfect the affected areas. Direct insurance company billing is available, allowing our customers to concentrate on more important matters. Our commitment to excellence is not lost on our customers who have relied upon our expertise while embroiled in disastrous situations affecting their homes and businesses.