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Does Your Insurance Weather the Storm?

Posted September 27, 2018 in Water Damage

Around this time last year, we discussed the importance of flood insurance in the wake of Hurricane Harvey. Why You Shouldn’t Wait to Get Flood Insurance discusses the ins-and-outs of having thorough flood insurance coverage. Not all insurance plans are created equal, and knowing the type of coverage you have before disaster strikes is important for providing you and your family with peace of mind.

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Find out if your current policies will protect your home, possessions, and family in the event of a storm. Our insurance specialists at Gallant Risk & Insurance Services, Inc. can set you up with the right insurance. Call (951) 368-0700 or complete our online contact form to reach us today.

What Is the Cost of Water Damage?

While a missing roof or broken windows are real issues associated with storm damage, many will find that water damage caused by flooding is the most pervasive and costly issue. Not only does water damage impact the structural integrity of your home, but it can mean the loss of furniture, appliances, and heirlooms. Fixing water damage to your home isn’t as easy as replacing a window. In many cases, the flooring, walls, structural supports, and even wiring will all need to be replaced. You might find that your home needs to be rebuilt from the ground up.

Long-Term Impact of Water Damage

Even if you don’t need to immediately replace or rebuild, water-logged woods and carpets can lead to long-term issues. Contamination from flood water can bring in disease and mold. Blackwater can enter your home from sewage overflow, bringing with it pathogens that can make you and your family ill.

Additionally, water damage can cause mold infestations. Within days of flooding, mold can begin to grow in carpets, wood floors, drywall and even clothes and furniture in your home. Mold can become toxic to your family, and in severe cases can result in your home being condemned.

The High Price of Water Damage & Your Coverage Options

As we have discussed before, most homeowners insurance policies don’t cover flooding from storms. Without policies that specifically cover storm- and flood-related destruction, you can be on the financial hook for the loss of property, belongings and medical expenses associated with water damage. Even with proper insurance coverage, it can take families months to recoup and years to rebuild. A lack of adequate insurance can leave you and your loved ones feeling its effects far into the future.

Some lenders may require you to buy excess flood damage insurance to cover damages that cost more than a standard flood insurance policy will cover. This will depend on the lender and how much you owe on your mortgage, but it can be expensive. You should enlist an experienced insurance broker to help you shop for a policy, as they can be costly and hard to find.

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