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homeowners may find insurance won’t cover basement flooding losses

homeowners may find insurance won’t cover basement flooding losses

homeowners may find insurance won’t cover basement flooding losses
News from The Plain Dealer:

WESTLAKE, Ohio – Greater Cleveland residents cleaning up after basement flooding Monday night may or may not have their damages covered by insurance depending on two major factors.

The first is the source of flooding, and the second is the type of additional coverage a homeowner purchases. Most standard homeowners policies won’t cover flood damages, said William G. Gibson III, a Westlake-based Nationwide insurance agent.

In North Olmsted and other scattered areas, homeowners are complaining of water backing up into basements from sump pits and through floor drains. Most basic homeowners’ policies exclude such coverage. However, companies offer optional water and sewer backup endorsements that cover some of the damage. Some endorsements are limited to building materials, including carpeting, drywall, furnaces and water heaters. Other insurance endorsements will include contents, including audio-visual equipment. The cost varies according to the amount of the deductible, usually a minimum of $ 1,000, and the amount of coverage purchased. Premiums can range from $ 50 to $ 200 annually, Gibson said.

A second type of flooding occurs when surface wa…………… continues on The Plain Dealer

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