Burst or leaking pipes in homes happen often, especially the colder the weather and the older the pipes. Here’s what you need to know about homeowner’s insurance coverage when it comes to water leaks:
1. Homeowner’s insurance policies are not all the same. Just because it’s on the internet, does not make it fact.
2. HO-1, HO-2, HO-3, HO-4, HO-5, HO-6, HO-8 are the most common types of policies for “homeowner’s” , but actually are for owner occupied homes, renters and condo unit owners.
3. All of these but HO-1, HO-8 and HO-4 usually provide coverage for repairs and damage to the building & personal property for sudden & accidental pipe leaks, including in slabs.
4. HO-1 & HO-8 provide no coverage for water leaks in pipes. HO-4 is a “renters” policy so it provides coverage only for personal belongings from a covered pipe leak.
The items above are for “standard” policies. Keep in mind that each insurance company has the option to modify their’s and may not necessarily have the coverage for burst or leaking pipes. Reading the policy is your best bet OR ask your insurance agent to show you the part in the actual policy where it says this is covered and under what circumstance. Know this though: in the State of Arkansas, this coverage is readily available under normal circumstances. So shop around if your company or agent does not offer the coverage you want or need. Click here to read an article about shopping for home insurance
About the Author:
DJ Noland is a licensed insurance professional in the state of Arkansas and managing Principal of McGhee Insurance Agency of North Little Rock, AR.Our officesspecialize in placing insurance protection for individuals and families & businesses in Arkansas and would love to visit with you on your insurance protection to help structure a plan to protect what you’ve worked so hard for and will work hard for in the future.
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