Different kinds of water damage are covered by different kinds of insurance policies. Flood damage is covered by a flood policy, while damage from leakage / seepage (from a sink overflow or a burst pipe) may be covered under a standard homeowners insurance policy (HO3).
For this second type of damage, your policy may provide extremely limited coverage depending on your carrier. Many insurance companies place tight restrictions on coverage available for damage caused by a slow leak that occurs over time, mainly because of the rising incidence of contractor AOB fraud in Florida.
In many cases, when a homeowner discovers water damage, they immediately call a water mitigation company or try to find a plumbing contractor. Unscrupulous contractors or companies may then pressure the homeowner to sign an Assignment of Benefits (AOB) form, which shifts control of the homeowner’s rights under their policy to the contractor.
The contractor may offer to “waive a deductible” or insist that work will be done more swiftly if the form is signed. However, claims submitted with an AOB form typically rack up triple the amount in repair costs of a water damage claim filed without an AOB, and customers’ homes are often poorly repaired – or not repaired at all.
Olympus partners with Rytech, a trusted and well-established water remediation company. Our goal is to protect homeowners from contractor AOB fraud, permit quick action to address leakage / seepage damage and claims, and provide reassurance for Floridians seeking to restore their home. This process makes it easy for you to report damage and obtain speedy resolution:
Report water damage and file a claim by calling Olympus at 866.281.2242 or call Rytech directly at 800.865.8787. You can even file a claim online. Olympus Insurance’s partnership with Rytech is just one more example of our commitment to set the industry benchmark for customer care.
*Please note that response times may be extended during catastrophic weather events.
About Olympus Insurance Company
Headquartered in Palm Beach Gardens, FL and founded in 2007, Olympus Insurance Company specializes in Florida property insurance. Through its independent agency force, Olympus insures $40 billion worth of residential and investment property including homes, condos, rental property, and valuable personal property, with umbrella coverage and Spartan Enhanced Coverage available. Coverage for individual risks up to $5 million in total insured value is provided on one of the most comprehensive coverage forms in the industry.
For more information, visit olympusinsurance.com.
This article is for informational purposes only and does not form a part of, replace, change or amend any terms, conditions, provisions or language within your Olympus Insurance policy. We encourage you to read your entire policy.