Insurance Deductible Water Damage
Wind and hail damage is number one at an average claim cost of 8 041 the iii reports.
Insurance deductible water damage. In more than 50 percent of cases the damage results from a leak in the supply hose which connects the appliance to your home s water supply. You can purchase deductible assessment insurance under your personal condominium unit owners insurance. As a unit owner you can be held responsible to pay these high deductibles. Coupled with increasing water damage claims and repair costs insurers are increasing water damage and sewer backup deductibles on the strata corporation s insurance.
Water damage and freezing is the second most common home insurance claim. The insurance company subtracts the deductible from 3000 and pays the rest. However in many instances this is capped at anywhere from 25 000 to 100 000 which may not be enough to keep up with the increasing strata corporation deductibles. Washing machine related water damage is one of the 10 most common forms of water damage according to a study from the insurance institute for business home safety.
These large water leaks can cause tens of thousands worth of damages and insurance claims. However in many instances this is capped at 25 000 to 50 000 which may not be enough to keep up with the increasing strata corporation deductibles. An example of gradual damage is when something happens slowly like paint chipping off a wall it starts with a small chip then eventually half the wall is uncovered. From 2010 2014 the average cost of a homeowners claim for water damage and freezing was 7 958 according to the iii.
However this deductible is usually much larger than one s own personal condo insurance. Your condo building s insurance coverage and deductible. Then the insurance adjustor estimates that the damage covered by the homeowner policy will be only 3000. To use a a homeowners policy example a deductible would apply to property damaged in a rogue outdoor grill fire but there would be no deductible against the liability portion of the policy if a burned guest made a medical claim or sued.
Deductibles generally apply to property damage not to the liability portion of homeowners or auto insurance policies. Unit owners can purchase deductible assessment insurance under their personal condominium unit owner s insurance to cover this exposure. The strata corporation would have to pay it s own deductible. 6 water damage and gradual damage in your home.
Insurance deductibles are handled differently from association to association and with an increasing number of policies having different deductibles depending on the peril it is important to establish a policy for handling the deductible prior to a claim occurring. Most homeowners insurance policies help cover water damage if the cause is sudden and accidental. Fema will then pay 2000 the amount of the fema estimate not covered by insurance. Gradual damage due to water damage is a common problem when it comes to insurance claims.
As far as fema is concerned the insurance coverage was 3000. Often insurance carriers will review losses and if there are excessive numbers or even just one really large loss due to water damage create a separate deductible for water damage.
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