Every homeowners nightmare is coming home to a pipe burst, sump pump over flowed or a drain backs up. The initial shock is terrifying but after you calm down, you have to figure out what’s to do next. The first initial question you might ask yourself is will my homeowners insurance cover the damage? In some cases they may, however there are many cases where homeowners insurance won’t cover which we will discuss. In the event that homeowners insurance doesn’t cover it you may think that you will need to get a loan or have to spend thousands out of pocket. If you don’t have that luxury, consider reaching out to a company that will pay cash for your house and will buy your house as is. Below are 3 things that every homeowner should know about water damage.
- Different insurance policies have coverage for flood and water damage
You may think that all water in your house is treated the same by insurance companies. That just isn’t the case as flood damage is not covered under home insurance. If you are in an area that is considered a flood zone, you will likely have a separate policy for flood insurance. In the other scenario, a sump pump overflowing isn’t covered under a standard policy and usually needs to be added onto a policy. Make sure you specify to your home insurance whether its flood or water damage as this will make a big difference.
- Not all water will be covered by insurance
Make sure you look closely at your insurance policy and know what is covered and what is not. Most policies will cover sudden damage like water damage from a bad storm or a washing machine malfunction. However, there are many instances where insurance won’t cover, as we mentioned before.
- Water damage will only get worse
As soon as you see water damage it’s important to act fast. The longer water sits the more damage it will do. Secondary damage from mold can present serious health issues and if it gets bad enough, your home could be condemned. There is a 1-3 day window from the time water gets in your house until mold begins to grow. That’s why it’s so important to act fast. Mold will quickly begin to multiply if not taken care of. To prevent mold growth, you need to make sure the property is dried out immediately by calling a company that specializes in water damage. They should have professional equipment and be able to get the job done quickly.
The important thing here is to know that once there is water in your home, the clock starts. It is vital to your home that you act quickly to remove the water or you risk losing control of your largest asset. In these times, families are in dire stress because not everyone has thousands of dollars to have the water damage fixed. At our company, we buy houses in any condition and pay all cash. If you find yourself in a situation like this and don’t know what to do, that may end up being your best option. It is urgent that water damage is stopped immediately.