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. |
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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 was very satisfied with the outcome of my claim and the support received throughout. My apartment flooded when a radiator cracked. We had to leave for 9 days and many personal belongings were destroyed. This was the first time I'd ever needed to make any type of insurance claim, and I expected the worst. However, Lisa was very helpful, arranging for reimbursement for accommodations right away and helped me to recoup on the content losses from the flood. I would recommend using Square One for renters insurance.
I had to update my home insurance as we added a garage and an all-season gazebo to our house. Instead of being on the phone with an agent I could do the whole process through my online account. It took me not even 10 minutes and was so easy! I have referred Square One already several times because of their fair pricing and great online presence. I am just glad I have found them.
First time purchasing tenant insurance and wasn’t sure about some specific items being covered. Eran Azran, thank you! He was helpful and knowledgeable and made the entire process uncomplicated and easy to understand. Would that all customers service reps were as nice, generous and comfortable to chat with. Thanks Eran! Hope the boss is checking in here.
I just purchased a primary home and rental property coverage. The interaction was so smooth and professional. The price is very competitive with professionalism. It was a pleasure doing business with Square One. Very compassionate and smooth interaction. I was guided throughout the process. Many thanks.
Easiest tenant insurance I’ve ever gotten! Usually I’m on the phone for 30 minutes and the price doesn’t match the quote but this was quick and easy!
Brilliant communication and information provision by Fatou, and in addition she presented with a delightful personality. Many, many thanks Fatou, greatly appreciated!
I am beyond pleased with the service Square One provided me. The coverage I needed for home insurance. Zeb Doherty-Wayne was a pleasure to deal with. He really took the time and listen to my wants as far as coverage for home insurance. He was very knowledgeable and knew how to help me based on what I needed. I looked around and called a few places and no one could even come close in price. They were by far the best price. I would definitely recommend them to all my friends and family. Thank you!
It was fast and easy to supply the information and to select the coverages! Great experience!
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