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Sewer Backup Restrictions
Ask anyone who’s experienced it. A sewer drain backing up is a very unpleasant experience. Over the years claim costs have increased dramatically as more and more people choose to furnish their basement with quality finishing’s. Rather than using basements as storage, many homeowners are now using it as valuable living space. That means the average sewer backup claim has jumped from $5,000 to $55,000. Homeowner’s policies were designed to cover major perils such as Fire, Lightning, Windstorm and Hail. However, water damage claims have taken over top spot and now account for 40% of all claims. As a result, many insurance companies in the Province are beginning to place restrictions on this type of coverage, such as increasing deductibles, limiting the amount of coverage, or in some cases, excluding the coverage completely. If you have recently had a sewer backup your Insurer will likely request that preventive measures be taken such as having your plumber install a backwater valve and a sump pump. If you are concerned about sewer backup check with your plumber to see what can be done to reduce or eliminate the possibility of this type of loss. |
How much home insurance do you really need?