What is Water Seepage and Leakage Coverage? And does your policy cover it?
Did you know that the standard (HO3) Homeowners Insurance policy excludes repeated, continuous seeps or leaks if occurring for a period of 14 days or more? This means if you have a slow, often times hidden leak or seepage in your home, it must be reported to your insurance company within this 14-day window. If not, this means you will most likely be paying out of pocket for these costly repairs.
These slow, undetected water leaks are one of the most denied claims in the home insurance industry. We often see hidden water lines (fridge/ice maker, dishwasher, washing machine, sink fittings under cabinets) slowly leak and cause major damage. Adding this coverage option would help cover losses from these types of slow leaks.
The good news is some home insurance carriers now offer an endorsement to help fill this coverage gap. We suggest that you ask your home insurance agent if Water Seepage and Leakage is available to add to your current policy. If it is not, not we suggest you look around for a policy that does. At Yakima Valley Insurance we currently have two carriers offering this valuable coverage, Safeco Insurance and Travelers Insurance.
You’re probably wondering, how much does this cost? You might be surprised to learn that the average premium for this very important coverage is only about $3.00 per month! Give us a call if you would like to learn more.