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Water damage comes in many forms, including: a pipe bursts, filling your basement with water; a bathtub overflows, damaging the ceiling below; or, a dishwasher leaks, ruining your hardwood floors. Whatever form it takes, the resulting damage can be devastating. Today, water damage is one of the most common types of home insurance claims in North America. Water damage claims amount to double that of fire and theft claims combined.
There are many steps you can take to prevent water damage. That said, the only way to financially protect your family and home against water damage is to buy water damage insurance. In North America, most home insurance providers give you the option of adding water damage insurance to your policy. At Square One Insurance Services, our policies automatically include protection against most types of water damage. No paying extra. To learn more about water damage insurance, review the information provided below.
Does home insurance cover water damage? |
Most home insurance policies do provide some coverage for damage caused by water. However, it’s probably one of the most confusing coverages in any policy. And, the type and amount of coverage provided varies widely by provider. If you have a comprehensive policy, which protects against all loss types except those specifically excluded, you might think you’re covered. That’s likely not the case. Most providers specifically exclude damage resulting from water. Some providers add limited water damage protection back in to the base policy. Other providers make you specifically add and pay for water damage protection. Please note that insurance for damage caused by coastal flood, ground water, rising water tables, waves, tidal waves, or tsunamis is not widely available in North America. As a result, the government has financial assistance programs in place. It’s also worth noting that some providers do not cover damage caused by inland flood. At Square One, our comprehensive home insurance policy automatically includes protection against most types of water damage with very few exclusions. These exclusions are clearly listed under our water damage exclusions section. If you’d like, please use the button below to download sample policy wordings and review the water damage exclusions. Download sample policy wordings |
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What does water damage insurance cover? |
In a traditional policy, coverage is provided for damage caused by:
Often water backup is included, but with many providers you must specifically add and pay for this coverage. Even if water backup is covered, it may only cover the backing up of a sewer drain located inside your home. For example, there may be no coverage for damage resulting from an external drain that clogs and backs up, causing water to enter under your door. As mentioned earlier, home insurance policies in North America generally do not cover damage resulting from coastal floods, rising waters, tidal waves or tsunamis. Among other things, most policies also exclude damage caused by gradual, continuous or repeated seepage or leakage of water over a period of time. And, most policies will also exclude damage resulting from freezing and bursting pipes if you are away from your home during the usual heating season for more than 4 days (7 days at Square One) unless you:
Water damage may not be covered at all if you have a rental, vacant or vacation property. Many providers have also introduced sub-limits for damage resulting from water backups. This makes it even more important to read your policy carefully, or speak to your insurance provider, to make sure you have the broadest protection available. Square One automatically includes protection against most types of water damage, including water backup, up to the limits selected, in virtually all of its home insurance policies. |
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How much does water damage insurance cost? |
Depending on your home insurance provider, water damage insurance may be included in the base policy. Or you may need to specifically add and pay for water and water backup damage protection. If your provider requires you to add this protection, it may cost anywhere from $10 to $250 (or more) a year to get the broadest protection available. Virtually all home insurance policies offered by Square One automatically include protection against most types of water damage, including water backup. No paying extra. |
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What is the deductible for water damage? |
The deductible for water damage will most likely be the same as your standard policy deductible, which typically ranges from $500 to $5,000. |
Getting the best protection doesn't have to break the bank. See how affordable personalized home insurance can be. Get an online quote in 5 minutes.
Don't just take our word for it. Here are some of the reviews that contribute to our average rating of 4.7 stars out of 5. Want to read more? Visit our reviews page.
I’ve insured two properties now with Square One Insurance. Their rates are always cheaper than the other companies, and I’m always able to contact a representative quickly without being on hold for hours. My recent investment property was insured in literally 10 minutes, with the amazing assistance from insurance agent C. Kathy Vallance. She was so sweet, personable and very knowledgeable when it came to everything related to short-term rental insurance and condo fees, etc. Thanks Kathy and Square One for making insurance needs so easy and stress-free.
Fabio Baida helped me at Square One. Figuring out coverage can be a bit daunting for newbies like me and making sure we interpret strata docs correctly. Square One has a super slick interface that's self-serve and has a great UI, but sometimes you just need someone to answer a couple questions to connect the dots. So I emailed Square One and Fabio followed up and we hopped on the phone and quickly figured it out. Really happy! Great easy-to-use modern interface, best
I have only ever used Square One for my rental insurance. They have such an easy straightforward way of doing things through their website. It really makes it easy to choose what you need and what you don't. Moving is a breeze, just change your address and your settings are all saved for you. All at an affordable price? Can't go wrong!
Thank you for the easy renewal for our home insurance. We have been very happy with Square One and were really happy that upon renewal our home insurance went down. I can not remember the last time, if ever, that upon renewing home insurance our policy for the year was less than the year before.
I spent a while looking at options for rental insurance. Even called a local broker. Square One provided, by far, the best process. The online forms clearly indicate what your options are, allow you to weigh the pros and cons of your selections against alternatives, and provide immediate feedback on price. The wording on the policy itself is also clear and easy to understand, and when I requested a callback to ask about coverage limits, I received a call right away, and the fellow I spoke with was super helpful.
I called various insurance providers to get quotes for my home insurance, but once I spoke to Kayla at Square One, it was clear that she had an in-depth knowledge of Square One products. Kayla had the patience to understand my needs and guide me through the entire process, an exceptionally intuitive approach and she tweaked the policy to my specific needs. I ended up switching home insurance for my other house too which I hadn’t planned. Thanks to Kayla for helping me save money without compromising my core needs.
I had the unfortunate experience of navigating a flood shortly after moving into our new apartment. It's supposed to be a pain in the rear to go through the claims process. It's confusing, it even feels a bit embarrassing—but the team at Square One (and their partners) were incredible to deal with. They made a really bad situation good(-ish). Super responsive, sympathetic to what happened, treated me like a human. I'm a customer for life ... if only they offered more than just property insurance!
I literally set up new rental insurance at my new place in less than 10 minutes online. The questioning was easy, thorough and concise. I had my new policy by email just a minute after completing it online. Pricing was very fair with yearly and monthly payment options. Highly recommend!
I called to transition my policy to another type. I was worried it would be complex and time-consuming. Instead, it was easy peasy, smooth, and everything was reviewed with me and all my questions answered. I'm always so impressed by Square One!
I asked quotes from a variety of providers, and after going through reviews and coverages, I'm glad I chose Square One. Whereas other companies automatically add coverage for things you might not need (jewellery, sporting equipment, etc.), Square One allows you to decide what you want covered and just how much you want the coverage and deductible to be. I'm feeling extremely comfortable moving into my new place with this policy... although I sure hope I never need to use it!
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