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Water Damage to Home – Is it Covered?

Homes in Santa Fe were far removed from the danger of wind and water due to Hurricane Sandy. But with flash flooding common in New Mexico, it is always good to understand what to do in case of water damage to your home, and how to file claims on your homeowners insurance.

Many different issues can cause water damage to a home and it’s important to know whether they’re covered by your insurance policy. Some water damage may be covered and other may not be. In general, damage related to lack of regular home maintenance will not be covered. There should be a particular unexpected incident that occurred to expect coverage.

Be aware that floods are often considered events that are exempt from homeowner policies. A flood can be described as rising water due to overflow of inland or tidal waters or unusual and rapid accumulation or runoff of surface water from any source.

Homes that are financed with mortgages from federally regulated or insured lenders, and are in designated high-risk flood areas are required to have flood insurance.

Even homes that are not in a flood zone can be affected by flood damage. Review your policy about water damage and call your insurance agent to get a better understanding. Ask if you need to purchase additional coverage or separate flood insurance along with other questions about flood coverage.

Flood insurance can be purchased for the building as well its contents. The average flood insurance policy costs about $600 per year. For more information, see the National Flood Insurance Program. A few minutes of review could save you thousands on your Santa Fe real estate in the future!

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