Are you covered?

You have all heard the old adage, April showers bring May flowers. It also brings something you might not have experienced but is definitely a concern.

Unexpected flowing or sitting water inside your home.

A Flooded basement, a failed sump pumps, a roof leak, or foundation seepage all things we could sure do without. Like a sponge the ground can only hold so much water, and when it is saturated it finds a place to go.

You don’t want to need the Mayflower to negotiate your basement!

If you are like me you think you have the proper insurance coverage. You pay your premiums and just expect your coverage is good enough.

On morning you wake to find water in your basement. You call your agent. You tell them you want to file a claim. The words “claim denied” are uttered. You are not covered for such a catastrophe.

Years ago, I learned the hard way. I was not covered. I make a point to check my policy and find out what is NOT covered. I am hoping this letter will help someone.

It can cost thousands, even tens of thousands to replace your baseboard and floor coverings. Not to mention all the things that cannot be replaced.

Please check with your insurance agent before it is too late. Many policies need special endorsements to cover sump pump failure or ground water backups. Ask your agent what your specific policy and endorsements are. AND READ your Policy!

Think spring!




Posted in planning budgeting dreaming
2 comments on “Are you covered?
  1. Great post, Bruce.

    Like you, I check the fine print – much to the annoyance, I think, of my policy provider because I can be really, really slow with the reading. (haha particularly if I’m in their office)

    I also don’t necessarily go with the cheapest – you get what you pay for in the insurance racket, that’s for sure.

    I’ve had apartment insurance and house insurance from the day I moved out of my parent’s home – decades ago. I drilled it into my daughter too – and even bought her her first apartment insurance as a house warming gift.
    I said to her – I can pay the $400 for this, but I can’t help you when it’s all lost and the bill to replace all your “techie” stuff comes in at $40,000 – do the math.

    The thing I hate most is when people won’t get insurance but can afford to drink, smoke, rent movies (in the olden days), go out for dinners etc. I say take a dollar away from a few of these each month and you’ve got protection.

    So good to see you posting! Sent with smiles attached. 🙂 🙂

  2. Mynx says:

    Good advice. I know that after recent floods in parts of our country devastated people discovered their “flood cover” didn’t cover their flood damage.
    All home insurance should be checked properly and reviewed regularly

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Just Another Day In Paradise!
April 2013
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