Water Damage Insurance

Water Damage Insurance

An insurance policy that provides coverage for damage due to flooding or water. Some insurers exclude water damage from their property insurance contracts because of the substantial damage water can cause; property owners with this exclusion may purchase water damage insurance to account for this risk. As with all insurance, one must pay a premium to receive the coverage.
References in periodicals archive ?
Remediation and construction costs are largely faulted for the $66 million increase in water damage insurance losses from 2001 to 2002, according to the insurance industry survey.