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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. |
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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.
My landlord suggested your company to me as a new tenant because of its efficiency and accessibility, and let me tell you it was as easy as making microwaved popcorn, literally… Thank you so much Square One, it’s a good feeling to know that your home and belongings have a professional protection plan in place.
Hasti was one of the support agents who supported me patiently to complete the policy order. Also, the online form and the T&C of the policies are clearly understandable! I have total of 4 titled owners of the property that it allows the info to be input to the system individually (No kidding! Other insurance systems don\'t allow to do this... This online app is absolutely user-friendly! The cost of the policy is not bad comparing with the competitors. I would highly recommend Square One to anyone who is shopping for better services and pricing!
I recently purchased an insurance policy from Square One. We were so pleased with the ease of application but also how thorough they are in the questionnaire in regards to our property. Square One makes it possible to have the coverage you need with a price that is affordable.
Very friendly online portal to select and purchase my new tenant insurance policy with Square One. A friend referred me, based on her total satisfaction to date. We both have received our promotional gifts (Amazon gift card for me, and the $25 account credit for her!). The coverage is excellent for my needs, at very good cost (good value for money). Telephone inquiry about one concern was handled promptly, courteously and satisfactorily. Thank you for the good service and product. I feel to be in good hands with Square One.
I am very pleased to be able to secure a tenant policy with less hustle. Everything done online without the involvement of any agent as I don't have time to speak on the phone. All the forms filled up are very comprehensive and easy to understand. One of the cheap premiums on the market as well. Great service! Good job.
Square One is one of the only providers who would cover our in-home pottery studio. They were thorough and requested photos but they covered us. It’s been very easy to update our coverage as the business grows and we add more services and assets, and sales locations. I love being able to do these changes online and have easy access to check my policy. The service has been great so far.
Getting tenant insurance has never been this personalized. I enjoyed that you could truly cater to what kind of home you are living in. With a click of a button, the value of your insurance would change so you could see the quote change as you figured out what works best for you. Very intuitive and user-friendly.
I would like to thank our Claims Adjuster, Brad Rotto, for all the hard work he has done while working on our claim. Our unit flooded, and there was a lot of damage done by the flood. However, Brad was very helpful, replying immediately to any question we had (and we had many!), arranging for reimbursements right away and making the entire process uncomplicated and easy to understand. It has been a real pleasure working with Brad. This was one of the rare instances when the reality exceeded the expectations. Thank you, Brad, for the impeccable service and the support received throughout!
I have bought several home insurance policies over the years. Square One was the last and has been the best. I got my house insurance with them for a few years, and now for an apartment that I am buying. You do not need to do any shopping around, and you do not go wrong if you come here directly for a great customer service experience, great coverages, at low price.
Square One insurance is so easy! You can go back and change whatever you like, whenever you like. Very easy to read, no mumbo jumbo that you can’t understand, it’s great, I love it! Thank you Square One, it’s good to know you have my back.
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