Home Damage

Understanding Flood Coverage: Are You Covered by Your Insurance Policy?

flooded caution sign

If you’re like most of us, you tuck your home insurance policy into your household papers folder when it arrives and promptly forget about it. For many, our interest in our insurance coverage doesn’t range far from how much the monthly premium is going to cost us. Our homeowner’s insurance policy is simply not the reading material we reach for when we’re ready to curl up at night and relax with a good read.

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Protect Your Home Against Freezing Pipes (and know what you’re owed if your home is damaged)

It is said, “if you don’t like the weather in Atlanta, just stick around.” As evidenced by the unseasonably warm temperatures we had just a few weeks ago, and the deep freeze we are currently experiencing, the weather in Atlanta can change dramatically, and quickly. Cold weather can wreak havoc on your home — and your finances — with the average cost of repairs from broken or ruptured pipes topping $15,000.00. Although you cannot change the weather, there are quick and easy steps you can take to protect your home against costly damage caused by freezing temperatures.

When cold weather hits, remember to cover outdoor water spigots to protect them from wind which quickly removes heat from pipes. Leave interior faucets dripping because moving water won’t freeze as quickly as stationary water sitting in pipes. And while no one wants to pay more to heat his or her home, setting the thermostat even a couple degrees higher than normal, particularly during extended cold spells, can help protect the pipes running through your home.

While these simple and relatively affordable measures won’t guarantee your pipes won’t freeze, they have been proven to help protect against the devastating and costly damage you can suffer if pipes in your home freeze and burst. Even so, if you’ve had the misfortune of suffering water damage in your home, you should know that your insurance company may be obligated to pay for more than just necessary repairs.

In fact, your homeowner’s insurance company may owe you additional payments to compensate you for the diminished value of your property, and you may be entitled to such payments even if repairs already have been made and paid for by the insurer, and even if you have no intentions of selling your home. However, you need to keep in mind that most insurance companies, including Allstate, Auto Owners, Nationwide, Progressive, Travelers, and others, require that such claims be brought within one — and in some rare instances — two years of the date of loss.

So, if you have suffered water damage to your home within the past year or two, you should act quickly to make sure your claim for diminished value is preserved. KSLG is helping homeowners obtain the compensation they deserve, and if you (or perhaps someone you know) have suffered water damage in your home, please contact our office for a free consultation to determine if you are entitled to payment for diminished value – we can help!

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