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Fire and water damage coverage

Fire and water damage coverage

Within home insurance, the most common mishaps are fire and water damage. Therefore, fire insurance is essential due to the magnitude of the risk.

Home insurance coverage:

  • Water damage coverage
  • Fire damage coverage

What is the coverage for water damage?

When you decide to take out a home insurance policy, do not forget to verify that it covers damage caused by water.

The most common losses caused by water are: possible flooding due to heavy rains or damage to your home or humidity caused by a neighbor. The insurance will proceed to the location of the breakdowns and the immediate repair. It is important that they do not have limitations because it is one of the most common damages inside the house and its repair represents a significant expense. Not all multi-peril insurance has 100% coverage for water damage. Most establish the coverage limit in percentages or establish a maximum amount destined for these types of claims.

Generally, this coverage covers damages caused by:

  1. Guarantees reparation or compensation for damages produced to insured goods due to water leaks or due to omission or misadjustment of the faucet and stopcock closures.
    Expenses to locate and repair the leak causing the damage are included.
  2. Rain, hail or hail or snow, with rain greater than 40 liters per square meter, winds with speeds greater than 90 km / hour and there is no margin of intensity for the other three phenomena. You must prove these values ​​by going to the National Meteorological Institute and request a certificate.

It is usual to find great coverage restrictions on the subject of water damage.

Some of those that are outside the coverage are: damage, leaks or leaks caused by meteorological phenomena Repairs or adjustments of taps, stopcocks, sanitary ware, boilers, etc. cases of corrosion of pipes, location and fix of leaks originating in swimming pools, ponds, wells, etc., the freezing of pipes.

What is the coverage for fire damage?

In fire claims the consequences are generally very serious, the insurance must cover us for at least all of the damages. Normally, insurers cover 100% of the damages caused to the continent and its contents. This coverage includes smoke damage. Attention!!! Some policies only cover a percentage of the cost of firefighters.

Generally, this coverage covers damage caused by:

  1. Fire, explosion or implosion.
  2. Smoke produced suddenly and accidentally and also if it comes from outside.
  3. Direct impact of lightning or electric currents induced by lightning.
  4. Atmospheric phenomena: wind and impacts of objects driven by it.

Frequently Asked Questions about Home Insurance Coverage:

  • Coverage
  • What are the coverage for material damage?
  • What are the special coverage?
  • What are the special coverage?
  • What are the complementary coverages?
  • What facts are excluded?
  • Insured assets and securities

Other types of insurance:

  • Multihome or full risk insurance
  • Types of health insurance
  • Types of life insurance

Video: Homeowners Insurance Claim: An In-depth Explanation (September 2020).