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Transformation Advisory, LLC
DFWREAdvisors Group Blog

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Water Damage: What Insurance Companies Want You to Know!


Whether it is a burst pipe, a leaky roof, or a malfunctioning dishwasher, at some point, most homeowners find themselves dealing with water damage.


Most homeowner’s insurance policies offer some sort of coverage for water damage. But what does your insurance company want you to know about this common household issue?


A recent article from realtor.com outlined some of the top things insurance companies want homeowners to know about water damage, including:


Water damage is extremely common...


Insurance companies get all sorts of claims—but according to the article, claims related to water damage are more common than most. For example, one of the insurance professionals featured in the article said that about 50% of the claims homeowners filed with their company in 2021 were related to water damage.


It can get expensive.


Water damage may be common—but it can also be expensive. According to the article, the average cost to repair water damage ranges from $1200 on the lower end of the spectrum to a whopping $5000 on the higher end.


There are ways to prevent water damage.


As a homeowner, there are steps you can take to prevent water damage—and avoid the hefty price tag that goes along with it. To avoid roof leaks, make sure to regularly inspect and clean your roof—as well as clean your gutters. To avoid frozen pipes, make sure to keep your thermostat above 65 degrees during the winter months. And If you have appliances that use water (like a washing machine or dishwasher), make sure to get them regularly serviced.


Bottom Line


If you have not already done so, find out what your homeowners insurance covers. If you have experienced water damage in your home already, you know the inconvenience that comes with the water damage. For more information on this and other homeowner priorities, contact us today.





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