This is exciting! This will also undo some of the information from earlier episodes. There are always exclusions to homeowners policies. Wear and tear is one of them. Also neglect and faulty instillation are two other big ones. Slow leaks were not covered on most homeowners policies either.
It seems as though slow leaks might become a more common covered loss. Starting July of 2019, my company will be offering limited coverage on slow leaks on their new homeowners policy. This is a huge addition to our policy.
It is an optional coverage that may be added for a price. Our policy offers. $5,000, $10,000 and $25,000 worth of coverage and is eligible on houses newer than 20 years old. There is also a 30 day waiting period on this coverage.
I have been wanting to see something like this for a long time. As an agent, I have seen many losses go uncovered because of this exclusion and it is frustrating to explain to clients. I am looking forward to seeing these types of losses covered moving forward.
As always, consult your agent or your company to inquire about coverage. Insurance policies are different from state to state and company to company.
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The post Simply Explaining Insurance #92- Slow Leaks appeared first on Dietz Agency.