Water Damage Can Affect Homes at Any Time

No matter what time of year it is, homeowners should always pay attention to the threat of water damage and the effects it can have on their property.

With that in mind, the Insurance Information Institute noted this week that water damage claims account for billions of dollars in losses to both homeowners and renters each year.

Water damage, including frozen and burst pipes, was said to account for about 22 percent of all home insurance claims, with an average amount of $5,531. Wind-driven rain is another common form of damage. The I.I.I. points out that not every home insurance policy covers sewer and drain backups.

The group also notes that if water comes from the top down, as in rainfall, it is typically covered under standard home insurance, while if it comes from the bottom up, as in an overflowing river, it must be covered separately under flood insurance.

"Even a small amount of water can cause serious damage to your home. That is why it's important to have the right type and amount of insurance, including flood insurance," said institute spokesperson Jeanne M. Salvatore.

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