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Goodness, gracious ~ can I just tell you when it rains, it pours?
(You knew that already though, didn't you?)
Two weeks ago after waiting all summer (ahem), we finally got grass in our new home. As silly as it sounds, we were so happy. (I had no idea living without grass would be so difficult!)
Then, exactly four days later (as we were saturating our yard with water to keep our beautiful grass oh-so-happy), our basement flooded due to a faulty sump pump.
But it gets better (doesn't it always?)
The next morning, after spending hours pulling items off the ground in the basement and getting a crew out to help with the basement mess, I noticed a small wet spot in the corner of my son's bedroom. As luck would have it, there's been a leak in the wall between his shower and hallway, that's been leaking since we moved in.
Thankfully (so thankfully), all of these things can be fixed, and in the grand scheme of life it really is small stuff. (Mind you, it hasn't felt like small stuff at all as we've gone through it!) Because of the way everything happened, we thought we may need to go through our insurance to handle coverage for the basement portion of the issue, but it looks like our builder will be handing it. (Thank heavens!) Along the way though we've muddled through insurance adjustors, contractors and a slew of handymen, and I've learned a few things that may help you out too when looking at your homeowners insurance policy.
Did you know that you can save on the cost of your insurance if you have a smaller claims history, and larger deductible?
We've always stuck with having a larger deductible for our homeowner's and auto insurance, which helps keep our premiums low. Because we have money already set aside in an emergency fund, if we need to file for insurance we have that money sitting in a separate account prepared for (literally) a rainy day. (This makes us less likely to file a claim unless we absolutely need to, keeping our claims history low as well.)
Did you know that if damage is caused by a sump pump failure, regular insurance won't likely cover the cost of the damage to the carpets, baseboards and walls in your basement?
(We learned that one this week~ yikes.) You can get an additional rider to cover the cost of additional damages, but you don't want to wait until it's too late to be sure you have the right policy in place.
Did you know that if a storm causes the drains or sewers around your home to back up, any damage to your basement in the event of extra water won't be covered?
As I've been reading up on insurance it turns out that typically damage caused by water coming from the sky is covered, however damage due to ground water may not be covered, so it's important to have an additional rider on your home for this as well.
As much as I hate that we've gone through this craziness over the last few weeks, we've learned so much in the process.
Because we have a finished basement, we've learned that adding a rider to our policy will be well worth it as the cost of replacing the carpeting and furniture in our basement in the event of another issue could cost us thousands of dollars, and even more if the water soaks into the dry wall. We've learned exactly what things are and aren't covered on our home, and determined what coverage we need for the future.
So, how can you know that you have the right home insurance coverage for your home?
Contact a local insurance ELP who can discuss exactly what insurance coverage you currently have, and see what discounts they can offer you. Dave Ramsey’s Endorsed Local Provider program is also a great place to find tax help, a local realtor, or even investing advice.
This is a sponsored by Dave Ramsey’s Endorsed Local Providers, however all opinions are my own.
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