Insurance for some types of water damage may be included automatically in your policy, and some may need to be purchased as extra.Įxamples of causes of water damage that aren’t covered under most standard home insurance plans are flooding and seepage: Insurance coverage for water damage depends on a number of things, like where you live and how your home was constructed. Yes, view extensions of coverage opens in new window Voluntary Property Damage opens in new windowĪdditional Living Expenses opens in new windowĬovered for up to 25% of Dwelling CoverageĮxtensions of Coverage opens in new window Voluntary Medical Payments opens in new window Property in Your Vehicle opens in new windowĬovered for up to 100% of Contents Coverage Personal Property at Other Location opens in new windowĬovered (while away from home temporarily) Special Limits on Certain Personal Belongings opens in new window
See B7-3-08, Mortgagee Clause, Named Insured, and Notice of Cancellation Requirements for additional requirements applicable to a one- to four-unit property.The Comprehensive Homeowners Insurance Policy provides affordable protection against a wide range of risks. See B2-3-04, Special Property Eligibility Considerations, for additional requirements. Property insurance policies that provide for claims to be settled on an actual cash value basis are not acceptable.Īdditional requirements apply to properties with solar panels that are leased from or owned by a third party under a power purchase agreement or other similar arrangement. The property insurance policy must provide for claims to be settled on a replacement cost basis.
If a property insurance policy excludes or limits coverage of any of the required perils, the borrower must obtain an acceptable stand-alone policy that provides adequate coverage for the limited or excluded peril (see B7-3-05, Additional Insurance Requirements, for additional information). National Weather Service or the National Oceanic and Atmospheric Administration by a name or number) Windstorm (including named storms designated by the U.S.
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