Most of us find our insurance premiums high enough to begin with, but with the recent record setting weather problems across the country, the pain could be intensified with even higher requirements. The greater risk of severe weather is making itself known in the premiums we all end up paying, as evidenced by trends recorded across the United States and Canada.
Insurance companies are also cracking down on water damage claims with increased restrictions and limitations. They have never paid out claims on overland flooding, yet rain and severe weather have overtaken fire as the number one source for homeowners insurance claims. Agents aren’t sure why, but the increase in weather related claims is significant.
Some are attributing the increase to global warming, but for our purposes here, we will stick with the more rational schools of thought.
Evidence of an international trend exists, with more extreme weather events being seen across the globe.
Of course increases are not across the board. Each company determines its own premiums, as well as the criteria for raising them, meaning some people will end up paying more while others won’t see any increase at all. Most policy adjustments are due more to improved computer technology better reflecting historical claims numbers from different areas than to recent extreme-weather events or changing climate.
Canadian insurance bureaus have been encouraging government agencies to work harder to install preventative measures and improve infrastructure, all of which can make water damage problems less severe.
When a single hailstorm can cause upwards of $500 million in damages (as happened in Alberta, Canada earlier this year), such improvements become all that more important.
Of course when it comes to insurance, water damage can be the cause for all kinds of headaches. Many homeowners mistakenly believe that flood damage is covered, which can make for a rude awakening in many cases. In other instances of water damage, the problem will be covered if and only if it cannot be traced back to a case of negligence on the part of the homeowner.
Your best bet is to have a sit down pow wow with your insurance provider now….as in today. Go over your insurance policy step by step and verify what is and what is not covered. If you do not have flood insurance, check to see if your community participates in the National Flood Insurance Program (NFIP).
When water damage does occur, don’t wait. It will only get worse the longer it is allowed to remain untreated, and it is important to being water removal procedures straight away. The professionals at Water Damage Local.com are available 24/7 to handle all of your water damage issues, large or small. The staff is well trained, industry certified, with years of experience, and proficient on the latest tools and equipment designed to get all the water out and have you back in your home as soon as possible.
Water Damage local.com providers can also work directly with your insurance provider, making sure everything is covered and paid for in short order, relieving you of much in the way of additional stress.
Remember your first choice for all things water damage…..Water Damage Local.com.
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