A potential client reached out to Evergreen Insurance to produce an insurance quote for a multi-family home they were in contract with and were just three days away from the scheduled closing.
After we presented our quote, the prospect explained that he had a slightly cheaper quote, however, water backup was among the excluded coverages.
He ended up binding our quote stating that this location had a finished basement and had Personal Property aside from the utility systems located there.
During his policy term there was an issue in the drainage system which led to water backup. We received a call the next morning and took down the information to file our client’s claim. The insurance company paid out the $25,000 claim minus the $2,500 deductible.
Our client expressed how grateful he was that he chose to purchase insurance that included water backup, and that he would be reviewing all his policies and will reevaluate any that may require this coverage.
Some brokerages focus on competitive pricing while others focus on thorough coverages. There are carriers who may offer coverage for water backup while others do not. Discuss with your insurance broker all coverages included and excluded in your policy, and how they can affect your property.