Reviewing Your Policy

We have been in business for many years, and we help customers work with their insurance company throughout the water restoration process. One thing we have learned is that reviewing your insurance policy regularly can be particularly beneficial for rental properties and water loss.

Here are some benefits to keep in mind:

1. Coverage for Water Loss:
   Water damage is one of the most common and costly claims that landlords face. Reviewing your insurance policy allows you to ensure that you have the right coverage for water damage. It is important to know what is covered under your policy and what exclusions apply. For example, some policies may exclude water damage caused by flooding or sewer backups, while others may provide coverage for these events.
2. Liability Coverage:
   Liability coverage is also important for rental properties. It protects you from lawsuits or claims resulting from accidents or injuries that occur on your property. Reviewing your policy allows you to ensure that you have adequate liability coverage in case of a water loss incident.
3. Limits and Deductibles:
   Reviewing your policy also helps you understand your policy’s limits and deductibles. For example, some policies may have a low limit for water damage, which may not be sufficient to cover the full cost of repairs. Similarly, high deductibles may result in higher out-of-pocket costs. Understanding these limits and deductibles allows you to make informed decisions about your coverage.
4. Additional Coverage Options:
   Some insurance policies offer additional coverage options that can be beneficial for rental properties, such as loss of rental income or tenant relocation expenses. Reviewing your policy allows you to determine if these options are available and if they make sense for your situation.
5. Policy Endorsements:
   It is also important to review any policy endorsements or exclusions that may apply. For example, some policies may exclude coverage for certain types of water damage, such as damage caused by mold or gradual leaks. Knowing what is excluded under your policy allows you to take steps to mitigate these risks.

Overall, reviewing your insurance policy in regards to water loss and rental properties can help you ensure that you have the right coverage in place, understand your policy’s limits and deductibles, and identify any additional coverage options that may be beneficial. It is a proactive approach that can save you time, money, and stress in the long run.

While we are not insurance experts and cannot make recommendations of what insurance to purchase, these are lessons we have learned from our years of experience. Being prepared for emergencies is the whole point of insurance.

If you find yourself staring at water damage in your home, give us a call. We are the experts, and we will walk with you throughout the whole restoration process.

419-331-1024