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.
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References in periodicals archive ?
I recently read a Reuters' article which said that one of the world's largest re-insurers and a Florida Insurance company have joined forces to offer Florida homeowners water damage insurance. These policies include flood coverage in their homeowners' policies.
The first step is to recognize the difference between flood insurance and water damage insurance. Flood insurance, typically triggered by the overflow of a body of water, is not designed to respond to damage caused by rain water.