Friday, February 26, 2010

Finished Basement? We should talk!

An unfortunate homeowner incident that has been occurring a lot over the past few years is water damage caused by either a sump pump failure or water backing up a basement drain. These claims can leave finished basements with damaged carpet and drywall as well as damaging the basement contents, not to mention clean up expenses for these situations which can cost hundreds or even several thousands of dollars.
A majority of homeowners’ insurance policies will include up to $5,000 for claims that fall into this category. However, if someone had a finished basement, this amount might not be sufficient. Insurance companies have options for higher limits ranging from $10,000 all the way up to $100,000. If you have a finished basement, this is a coverage that you and your Fey Insurance Services representative should discuss.
One thing to note, this coverage does not cover flood insurance (meaning surface water from outside the house that has come into your home). Floods are not covered by homeowners’ insurance policies. If you have a concern about this type of exposure to loss, please contact us and we can provide you with a Flood Insurance Quote.