how much water damage coverage is good

You need to factor in not only the replacement cost, but cleanup cost as well. I was told cleanup could easily cost $10k+.

Does that also cover sewer backups from the city? If the sewer backs up you will have $hit everywhere, you will need to rip everything out/clean it/dry it and only then can you start to rebuild the basement. $30k won't get you much i don't think.

Also I have heard in the past that somebody was paying for flood damage but little did they know the coverage was actually for Salt Water Flood Damage. There was a storm and they had a flood i ntheir basement and the insurance company denied the claim because it was not salt water, so read all the fine print for things like that.

buysell2008 wrote: ↑ i finished my basement and it costed me 35k.
this is my current coverage. how much more is meaningful ?

Endorsement 16C - Water Damage (Ground Water)
Coverage Limit - $30,000
Endorsement 16D - Flood Caused by the Overflow of a Body of Water
Coverage Limit - $30,000

Water Damage Deductible -$1,000

What about the contents of the basement, like furniture, electronics, etc? What about things that were already there, like HVAC?

You should be talking to your broker and getting a clear idea of what’s covered and what’s not.

C

Double your coverage, at least, and I think you're getting closer to what it should be.

Policy limit is what I would aim for.

my home qualifies for up to $750,000 Endorsement 16C - Water Damage (Ground Water) and Endorsement 16D - Flood Caused by the Overflow of a Body of Water. additional premium would increase by $102.60 . Please note, stardard policy exclusion apply.

The coverages are designed to respond to consequential water damage to the interior of the building, damaged contents, and additional living expenses if the home is not habitable.

does this much make sense?

afterall i am in a townhome and the backyard is graded away from me. granted that sewer backup is a potential, how much additional insurance makes sense?
my basement contents are probably worth 20k max. its mostly junk anyways.

With some companies 16c and 16d are optional. If you feel you are at low risk or not at risk you can reduce coverage or drop each or one of them entirely.

If you're not near a lake, stream or river or elevated well above one, 16d may not be worthwhile.

buysell2008 wrote: ↑ my home qualifies for up to $750,000 Endorsement 16C - Water Damage (Ground Water) and Endorsement 16D - Flood Caused by the Overflow of a Body of Water. additional premium would increase by $102.60 . Please note, stardard policy exclusion apply.

The coverages are designed to respond to consequential water damage to the interior of the building, damaged contents, and additional living expenses if the home is not habitable.

does this much make sense?

afterall i am in a townhome and the backyard is graded away from me. granted that sewer backup is a potential, how much additional insurance makes sense?
my basement contents are probably worth 20k max. its mostly junk anyways.

So as others have said, the two primary reasons your basement is going to flood are due to either a sewer backup or a watermain break. Do you have coverage for those, and if so how much? If your basement cost $35k to finish, plus stuff down there, plus furnace, etc - could easily cost $20k to repair a foot of water.

16C is odd that it covers groundwater. Unless you're sitting on an artesian well, your risk is probably limited. Do you have a sump pump? If the pump is always running, I'd probably get it, and if the pump rarely runs I would not get it. Also, what do they define as groundwater? Is it any water that becomes subsurface, or is it specific to the groundwater table.

16D is again a super site specific one. You can probably look up floodplain mapping in your area. If you aren't within the bounds of a regulatory floodplain or a regulated area by your conservation authority, chances are "overflow from a body of water" will never impact your house. Unless this covers overflows from streets in high intensity storm events.

Anyways, going back to basics, I think the question everyone else is asking is, are you covered for the much high risk events such as sewer backup.

let me find out. what are the high risk events should i ask for?
1. Sewer backup
2. watermain break

...?

buysell2008 wrote: ↑ let me find out. what are the high risk events should i ask for?
1. Sewer backup
2. watermain break

...?

Water line breaks are usually covered under your "normal" house insurance coverage, but you could ask about that for leaks and breaks. It usually includes ice damming and other stuff as well.

Sewer backup, or blockages causing flooding are probably your higher risk of damaging, and then anything related to your sump pump overflow or failure would also be worthy to ask about.

In addition to these, you should ask about what they define groundwater as, and what happens if you have a crack in your foundation, etc.

I'm with TD and Im pretty sure everything was outlined pretty clearly in their extended water coverage and other stuff, but can't check it right now.