It's a good idea to take out endorsements for better protection. But you have to be able to justify it! Here are three tips to help you assess your risk exposure:
1. The Quiz
We recommend this site for a short quiz that you can complete in a few minutes. With the help of a few essential questions, it will tell you your risk rate.
2. The Broker
Consult your insurance broker to review and update your statements regarding the condition of your home and discuss your water damage coverage.
Lussier’s insurance experts have developed a knowledge of home insurance coverage and will ask you the right questions to determine the proper protection for your needs. A damage insurance broker will be able to guide you through the existing endorsements and compare the different coverages offered by a wide range of insurers.
3. The Inspection
Nothing beats the home inspector. Essential when buying a home, his report will allow you to answer all the questions you didn't even ask yourself (and didn't want to ask at all), but that your insurance representative will ask!
Example: Do you have a backflow valve? Is your foundation poured concrete or concrete block? Etc, etc.
In addition, a building appraisal is invaluable in assessing the value of your home, another important point in obtaining home insurance that meets your needs.
That's all.... now, you have no excuse to deal with the difficult issue of water damage insurance!