THURSDAY, DECEMBER 8, 2022
Changing seasons, particularly during the autumn months, often bring an increase in precipitation and a high risk of flooding in certain areas. However, even if you live in an area with a low flooding risk, that does not mean water will not get into parts of your home, particularly your basement.
Basements sit below ground level, meaning that they have a high risk of flooding, even in low to moderate precipitation. However, what you might find is that your home insurance might not cover the damage from any flooding or leaks. It can be tricky to figure out when your plan will or will not pay. Let’s take a closer look at the details of this risk scenario.
Insuring Basements
In general, your basement has a degree of coverage from your home insurance. However, because many basements are unfinished and underground, this coverage is often a bit more limited than the coverage available for the rest of your home. This is particularly true when it comes to flood damage.
Standard home insurance almost never covers flood damage when that flooding arises from a weather event. To get this coverage, the homeowner will have to buy separate flood insurance. However, even the added benefit of flood insurance might not cover flood damage to your basement.
In many cases, your homeowners insurance will never cover flooding or other water damage in your basement. Because of the elevated risk of flood damage that basements have, many policies exclude them (and the contents in them) from coverage.
Additionally, water damage might occur from slow leaks as opposed to a full-blown flood. The cause of the water damage might be broken seals or cracks in your foundations. Because these damages are often the result of normal household wear and tear, your policy is unlikely to pay for the damage. You have a responsibility to keep these damage risks to a minimum by performing regular maintenance.
Preventing Basement Floods
Before this season’s wet weather strikes, consider some of the ways to prevent water damage in your basement:
- While the weather is dry, make repairs or renovations in your basement so that these are not ongoing when harsh weather hits.
- Ensure that piping that runs near the basement does not leak.
- Check the basement’s seals to make sure there is no obvious risk of damage. If you notice water stains, mold development or dry rot, then you might already have a leak.
- Inspect your home’s gutter systems for signs of clogs or damage. They will need to be able to let water run off the home and away from the property. Water should not puddle around your foundations.
Should flooding threaten, do not hesitate to prepare your basement. Move important items out of it, seal it as best you can, and do not use areas that are prone to water accumulation until they are dry again.
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NOTICE: This and all content is developed from sources believed to be providing accurate information.
The information in this material is not intended to be used as tax or legal advice. Please consult with a tax and/or legal professional
for detailed information regarding your individual situation. Some of this material was developed and shared by Bozeman Insurance Inc to provide information
that may be of interest. Bozeman Insurance Inc is not affiliated with the named representative, broker-dealer, state- or SEC-registered investment advisory firm.
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