If you are one of those who have to encounter the problem of a flooded basement it is important that you be acquainted with homeowners' insurance. Most of the homeowners' policies that are there do not take into account basement flooding. There is no protection for a flooded basement unless it was caused due to a burst or a busted water line.
While homeowners' policies do not cover basement flooding, there is a separate rider that can be added to your homeowners insurance. This rider would cover basement flooding. For this you would have to pay $150-$200 more. If you have ever had the experience of a flooded basement, you would know that this money is well spent.
This rider however takes into account only the flooding that has been caused by sewer backup. If it is that the basement has been flooded due to cracks in the foundation or water seeping in through the walls or water entering the basement through the windows, it might be that your policy will not cover it. Most of the homeowners' policies have these rules. If your home is in a flood prone area then you might have to take flood insurance as is specified by FEMA.
In case you are faced with the problem of a flooded basement there are some tips that you can follow to help you while you claim your insurance. First get your camera and take photographs of your flooded basement so that you can furnish these when required by the insurance agent. Take photos of the water level and all the damaged belongings. This would help you to substantiate your claim. Videotaping is also a good option while you put forth your claims for the insurance. It is important that you contact your insurance agent and let him/her know about the situation. They would either start to settle the claims themselves or direct you to the appropriate department.
Some of the quick tips to prevent a flooded basement are:
* It is important that you have a functional sump pump in the basement. The sump pump should do its work while it is stationed there.
* A battery back up sump pump is better as it would save you should there be a power failure. It can also provide support to the primary sump pump.
* Your yard should drain the water away from the house.
* It is important that the walls of your basement are properly waterproofed.
* Regularly inspect your basement especially during storms or heavy rains.
* It is recommended that you install a sump pump that has a separate drain that takes water away from the house.
* Inspect your insurance to see how well does it protect your basement and what options of coverage are available for a flooded basement.
When your basement is flooded it might be that the basements of your neighbors are also flooded. It is best to contact your insurance agent as early as possible so that the processing of your claims start immediately.
We never know just what we will have to pay out for next on our most precious of possessions - our home; none of us know what is going to happen tomorrow but that does not mean we cannot be prepared. Other threats of course come from people in the form of arson or vandalism caused when a burglar doesnt find what they are looking for, and sometimes even when they do. Homeowners insurance is a contract between a homeowner and an insurance company where you agree to pay the premiums, and the insurance company to pay a set amount should a covered loss occur.
The usual house insurance policy will cover a number of situations as a standard feature like theft and damage to personal possessions, accidental damage, fire and acts of vandalism. There is normally a limit on how much will be paid out which would cover the average home but there will almost always be a deductible to include In the calculations as well.
Most insurers have homeowners insurance as part of their portfolio and the majority can now accept applications directly from their internet site. It is easy just to visit a number of sites and arrange an online quotation where you can then compare just what each company can provide for the premium they quote.
Whilst you compare the insurance quotes, which should help you to understand which policy will offer the best benefits, it is important to consider the flexibility of the policy rather than be tempted merely by a low premium. In fact mortgage lenders will stipulate that a house must have a homeowners insurance policy to cover against damage to it.
Although monthly premiums may be an issue, it is quite common for discounts to be available for people starting a plan with a new insurer. You may also consider raising your deductible as the difference in premium cost between a 500 and a 1,000 dollar deductible can be considerable.
You also need to consider covering the replacement cost of your belongings versus covering the actual worth as your old TV may cost 500 dollars to replace, but probably wouldnt bring more than 50 dollars at a garage sale. Replacement Value policies should really be standard but many people are reduced to trying to find replacements for insured possessions from garage sales or thrift shops because they overlooked this important aspect.
Your home is probably going to be the most expensive thing you ever insure not just for the cost of replacing the building but also for the contents which means personal items and perhaps valuable items. Your homeowners insurance will be worthless if you neglect to add personal items of value to the policy but it will also protect against third party claims as well!
Both Jacklyn Hartfield & Ben Needles are contributors for EditorialToday. The above articles have been edited for relevancy and timeliness. All write-ups, reviews, tips and guides published by EditorialToday.com and its partners or affiliates are for informational purposes only. They should not be used for any legal or any other type of advice. We do not endorse any author, contributor, writer or article posted by our team.
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