So you found some ideas for renovating your basement, but now are worried about insurance. The water damage guarantee for basement insurance is included in most of the basic home insurance policies. However, it is advisable to look closely at this clause because the guarantees are not the same from one contract to another. Apart from the fact that the compensation is subject to very specific rules, it is good to look at the limits of the water damage guarantee of your home insurance contract.
Coverage for water damage
The coverage is overall very complete. This means that the warranty damages water does not just take care of possible damage following a simple leak. Certain insurance contracts provide for an extension of the guarantee which makes it even more efficient. Your insurance can take care of:
An infiltration of water by the roof.
The rupture of domestic pipelines.
Damage on ceilings, rugs, carpets, floors, and wallpapers.
Possible costs to try to contain a disaster.
The costs of locating a leak and repair.
The water damage guarantee thus offers many possibilities for the insured to benefit from compensation following water damage. Most HRM contracts all include the same basic guarantees for water damage. The difference is therefore mainly in terms of exclusions and optional guarantees.
The limits of basement insurance
Difficult to identify at first glance if your contract MRH offers the most advantageous water damage guarantee. The simplest is probably to refer to the exclusions of the guarantee. It is indeed easy to spot the differences at this level between different contracts. Generally, the insurance contracts HRM with a water damage guarantee do not cover:
Damage resulting from groundwater.
Infiltration by facades and windows.
Floods (in some contracts, you have to take out an additional optional guarantee to benefit from them).
Buildings inhabited not regularly and therefore not maintained enough.
Are not covered, buildings left unprotected or if there was negligence of the insured.
The exclusions are numerous in terms of water damage guarantee and we must pay attention to this kind of details.
In case of floods
As surprising as it may seem, the water damage warranty does not cover damage after a flood. As a result, if your basement is flooded due to a flood, your insurance may not reimburse you. To be compensated, you must:
On the flood guarantee which is an extension of the water damage guarantee.
If the flood is declared as a natural disaster then the insured will be able to benefit from compensation without even having a flood guarantee.