Insurance for Water Damage
Owning assets comes with the additional stress of risk. Owning an asset means that you often have to consider the risk that could be caused by damage, theft or mechanical fault. A simple way of countering this risk is by getting insurance cover for such eventualities.
Insurance cover protects you from potential financial ruin and allows you to get your items replaced should you need to.
Most standard policies should cover damage caused by storms, floods, wind, water, hail or snow, but this isn’t always the case, so you should check with your insurance provider.
Most insurance policies for household insurance provide cover for damage from a leaking roof after a natural event such as hail or even damage caused by a bathtub overflowing. In other instances, water damage may be due to a water main burst which floods your entire property. This damage may also be caused by a burst geyser or water damage from flooding.
Home insurance provides cover for the actual building, structure and permanent fixtures. Household insurance on the other hand, relates to movable possessions and covers acts of nature such as lightning, storms, floods or snow.
It’s important to remember that insurance does not provide cover damages resulting from a failure of routine maintenance.
In South Africa, most insurance policies don’t cover flood damage, so you will need a specific flood damage policy. Comprehensive car insurance may cover floods and if you have a business you should approach your broker to arrange an insurance solution specific to your business needs.
Santam offers insurance for businesses against water damage:
- Floods after heavy storms
- Accidental leakage
- Cover for reduced turnover or additional expenses which may arise due to the water damage
The Ombudsman for Short Term insurance in South Africa has warned that car insurance will not cover engine damage caused by driving through deep water. It’s important to report the damage as soon as possible to your car insurance company to check if you’re eligible to claim to any damage. Your insurer may be able to provide you with a replacement rental car, if your policy includes this coverage.
