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Water Damage Insurance: What’s the Average Cost and What Can You Get for It? New Tips 2023

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Water Damage Insurance: What’s the Average Cost and What Can You Get for It?

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Water Damage Insurance; People who have a house always think about protecting their property from the hazards of water, especially floods.

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Water damage occurs when water gets inside the building because of various reasons such as a broken pipe, burst pipe etc.

When water damage occurs, there will be a loss of valuable possessions, property damage, and an increase in the repair and restoration costs. The insurance company will take charge of this kind of loss to get compensated from the insured person.

Now, let’s understand the average cost of the water damage and how much money will you get for it.

Average Cost:

The average cost of a house to get a new one is around Rs.1, 00,000 (one lakh rupees). After taking the cost of the home and the construction material, the total cost of the house can be approximated.

The total cost is calculated on the basis of the number of rooms and the size of the home.

Number of rooms:Water Damage Insurance; If there are four rooms, the cost is approx. Rs.50,000 and if there are eight rooms, the cost of the home is around Rs.100,000.

Size of the home: If the home is 30×40 ft, then the cost is around Rs.3 lakhs and if it is 30×20 ft, then the cost is around Rs.8.5 lakhs.

Loss and Repair Cost: The repair cost varies from place to place depending upon the area. Generally, the cost of repairing the damaged areas can be approx. Rs.10,000 and if the home is completely destroyed, then it may be worth around Rs.200,000.

Top 5 Common Causes of Water Damage and Their Solutions

As much as it sounds like a strange word, water is one of the basic necessity of life. Water is necessary for us to live and even for our pets.

It’s a natural resource and it’s quite important to manage water wisely. We all know the importance of water but not all of us take it seriously. And when it comes to water damage, you don’t know how serious is it until you see the water damage.Water Damage Insurance; If you’re going through a water damage issue, we’ve prepared a list of some of the most common water damage issues and their solutions.

1. Leaks

Leaks can occur due to any structural damages in your house or apartment.Water Damage Insurance;The water can pass through the pipes and damage other parts of the building. The damages are usually found at the walls and floors and also the ceiling.

The first thing that you can do to minimize the damage is to fix the leak. You can call a water restoration company and get the job done for you.

2. Sudden Rain

If you have sudden rain, the water could get into your building and create a lot of damage. The damage that you will see is a result of the water entering into the walls and floors and the ceiling. The damage is usually found in the walls and floors and the ceiling.

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Once you find the source of the water, you can use dehumidifiers and steam generators to reduce the water damage.

3. Flooding

Flooding is a type of water damage that is caused when the water enters your property without warning. As you know, water gets into your building in the form of rain.Water Damage Insurance; If the rain is sudden and large, it might cause floods.

There are multiple factors that will determine the amount of damage you will have in your building. First, the location and construction of your building. Second, its age. Third, the amount of water that is coming in.

The damages can include the walls, floor and the ceilings.

4. Mold

Mold is a fungus that grows on wet areas and can grow if the temperature is above 75 degrees Fahrenheit.Water Damage Insurance; The most common types of mold are black mold and white mold.

The damages are usually on the wall, the floor, the ceilings, and the insulation. Mold grows rapidly in damp conditions. Once it starts growing, you should be careful and remove it as soon as possible.

5. Foul Smell

If there is a foul smell in your building, then you have a problem. It’s a common odor for the people who use sewage pipes for a long time.Water Damage Insurance; The damage is most often in the walls and the ceilings.

To prevent the problem, try to make sure that you keep the pipes clean and make sure that you keep it in a ventilated area.Water Damage Insurance; You should also try to make sure that you replace the pipes every five to seven years.

Conclusion:

I have told you the average cost of a home and what can you get for it. It is clear that the cost of repairing a damaged home can be huge, so if you don’t have the money for that, then it is better to get an insurance.

So, this is it for now. Hope you enjoyed reading the post. Please share it with your friends.

Thanks for reading!

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