January 29, 2010
Chicago (InsuranceAgents.com) – Your basement is one of the most vulnerable parts of your home, according to a recently published InsuranceAgents.com article, “Homeowners Insurance And Your Basement.” As a homeowner who wants to protect their home from all damages and risks, water-proofing your basement is probably one of the sensible things you can do.
“[Your basement] rests on the foundation and any kind of damage to it can have a negative impact on the house as a whole,” according to the article. It goes on to state, “Although some people consider their basement to be a separate entity from their home and a place primarily for storage, you should keep in mind that an unsafe basement could lead to an unsafe house.”
To protect your basement, homeowners need to identify specific threats. And coverage for the more likely threats to your basement should always be considered attaining home owners insurance quotes.
“The most common threat to your basement is water damage as a result of flooding, pipe breakage, and seepage from the ground,” according to InsuranceAgents.com. “It is important that your homeowners insurance policy at least provides coverage from accidental discharge of water.”
The most common homeowners insurance policy purchased is an HO-3. Here is how an HO-3 covers the three above common threats:
• Flood damage – Flood coverage is very rare in standard homeowners insurance policies. Flood insurance is offered through the federal government but can be very costly.
• Accidental water discharge – Common at any time of the year, this is covered by the HO-3 homeowners insurance policy. However, regularly check your pipes for leaks to avoid filing an unnecessary claim.
• Water seepage from the ground – This kind of damage is NOT covered under an HO-3 homeowners insurance policy nor is it covered with flood insurance if the seepage is not a direct result of a flood. Contact a contractor about how you can successfully water-proof your basement to prevent water seepage.
Your basement is one of the most sensitive areas of your entire home. It is susceptible to damage that can negatively affect the well-being of your house. Keep it secure by regularly checking for water damage, vulnerable pipes, etc., and take precautions by water-proofing your basement as best as you can. Talk to your agent today to discuss the extent of your coverage your basement has under your home insurance policy.
Visit InsuranceAgents.com for more information.
