My Flooded Basement was Covered

Know the Gaps

…But Not My Drowned Furniture

In 2013, water damage and freezing caused over 26% of homeowner losses. These days, about one in every 55 homes has a water related claim every year!*

Unfortunately, Farmers employee, Rebecca Sullivan was one of them. Two years ago, her sump pump failed and her entire finished basement flooded.


Her Story

“I was working from home on a rainy day, and noticed the Wi-Fi had stopped. It was in the basement, so I opened the door to check it out,” She said. “My jaw dropped when I saw about two to four inches of water sloshing on the basement floor. It was much more than just a wet carpet.”

The water had soaked the wood in her basement furniture, gotten into the walls, ruined electronics on the ground, and killed their refrigerator.

Luckily, Mrs. Sullivan’s homeowners insurance was there to cover the damages.

“We had sump pump failure coverage as part of our homeowners insurance,” She explained. “We knew it was on our policy, but I honestly didn’t know the specifics.”

In other words, she had no idea that her sump pump coverage had restrictions. So when she went to file the claim, she was in for a serious surprise.

“All the cleanup and restoration were covered, but not all the electronics and furniture.” She said. “So good-bye iPod!”


Water Damage Gaps

Generally, if your pipes burst or your washing machine floods, your homeowners insurance can provide coverage for those types of water damage situations. There are restrictions though, and spotting these water damage gaps can save you time, money, and a serious headache.

For instance, like Mrs. Sullivan found out, your existing coverage limits or options may not be sufficient to cover everything from structural damage to your possessions. In this case, increasing her coverage limits could have provided coverage for her electronics and furniture.

Also, your homeowners insurance policy may not even cover certain types of water damage in the first place! Rising water from neglected pipes, hurricanes, serious rain storms, and alike can cause water damage, which may not covered under your homeowners policy.

That’s why it’s smart to speak to a Farmers Agent about your coverage, to review your policies and make sure you’re covered the way you want.

If you are in a flood area, you may also consider discussing Flood insurance with your Farmers agent to help cover your assets and fill potential gaps in your coverage.

According to the National Flood Insurance Program (NFIP), in the past 5 years, all 50 states have experienced a flood. On top of that, only about 13% of homeowners have a Flood insurance policy.*

“Overall it was a good claims experience,” Sullivan explained. “But it was also a wakeup call about making sure I know what is covered.”

To make sure you know you’re covered, talk to a Farmers agent today. Together, you can:

  • Review your coverage and your insurance needs
  • Identify potential gaps
  • Find coverages and options to help fill them

That way, the more you know, the better you can plan ahead.

 

* http://www.iii.org/fact-statistic/homeowners-and-renters-insurance

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