The insurance industry is fed up with water damage: – Rust pipes are no longer covered
Already two years ago, Kauppalehti reported on insurance companies’ frustration with water damage. It’s time for everyone to wake up.
The steady rise in water damage has woken up insurance companies. Insurance conditions are constantly being tightened, and it is not easy to obtain new insurance to cover water damage. Even then, the excess can be as high as 30% of the total cost of repairing the damage. This is a lot of money when you consider how much it will cost to repair all the water damage.
The insurance company will not repair the pipes in the event of damage.
When water damage occurs and is repaired, you should be aware that the insurance company will not build new plumbing. It often happens that the insurance company repairs the damage, but the old water pipe is left in place. The construction of a new water pipe is therefore always the responsibility of the customer.
Financial compensation does not compensate for emotional distress.
Does insurance cover a burst pipe? And even if the damage does occur and a good agreement can be reached with the insurance company, it must be remembered that the financial compensation does not compensate for the emotional distress of repairing the water damage. Repairing water damage involves dismantling, drying and rebuilding structures. This can mean up to six months of evacuation from your home.
Avoid water damage together. Order a free survey for your home.
Read the article in Kauppalehti: http://www.kauppalehti.fi/etusivu/vakuutusala+found+water+damage+from+rusty+pipes+compensation+off/20110889005
