Take the Water IQ Test and Find Out!
NEW YORK, Nov. 9 /PRNewswire/ -- Because water can enter your home and cause
damage in so many ways, it's often confusing to figure out what's covered by
insurance and what's not. The Insurance Information Institute has tips on how
to figure it out.
To view the Multimedia News Release, go to:
http://multivu.prnewswire.com/mnr/iii/40966/
Test Your Water IQ:
-- You discover water in your basement from a burst pipe. Is it covered?
Yes, your homeowner's policy protects you.
-- How about that slow leak that's been dripping for several months under
the sink in the bathroom that's leaked through and stained the ceiling
below? No. That's a maintenance issue and your responsibility.
-- How about a sewer backup? Some policies cover it and some don't. To be
covered, it's an add-on and costs about $50 a year.
-- A winter storm forms an ice dam around your gutter allowing water to
enter your home, damaging your roof, ceilings and walls. Covered? Yes.
-- A storm blows a hole in your roof and breaks a window. Water pours in
and damages the ceiling. Covered? Yes.
-- What about flooding? Does my homeowner's policy cover it? No. To be
covered you need a policy either from the National Flood Insurance
Program or a private company.
A good rule of thumb: water that comes from the top down is generally covered
by your home or renters insurance, but when it comes from the bottom up as in
a flood, it's generally not. Flood insurance should be considered by every
homeowner. Statistics show 26% of losses come from areas that are not deemed
as flood zones.
Even a small amount of water can cause serious damage to your home. So it's
important to have a good water IQ. If you haven't done so in a while, be sure
to review your homeowner's insurance policy with your agent so you know what's
covered and what's not, and be aware that all homes are at risk for floods.
About the Insurance Information Institute
I.I.I. is an educational, fact finding and communications organization funded
by the property casualty insurance industry to explain what insurance is and
how it works. Each year, the I.I.I. works on more than 3,700 news stories,
handles more than 6,000 requests for information and answers nearly 50,000
questions from consumers.
SOURCE Insurance Information Institute
For DVC Pro/Beta hard copies or more information, Susan Stolov,
+1-202-638-3400, SusanStolov@WashingtonIndependentProductions.com; or
Communications Department, Insurance Information Institute, +1-212-346-5550
