Many homeowners aren’t aware that different kinds of water damage are covered by different kinds of insurance policies – and that not all insurance carriers provide the same coverage even under policies that have the same name.
Damage due to flooding isn’t covered under standard homeowners insurance policies (HO3). Homeowners purchase flood insurance under the National Flood Insurance Program administrated by FEMA. For damage caused by a burst water pipe, or hidden “leakage and seepage” a standard HO3 homeowners insurance policy may cover the damage – or may not.
Is Your Home Protected Against Hidden Water Damage?
Many insurance companies place tight restrictions on coverage available for damage caused by a slow leak that occurs over time. They may require that any leak must be reported within a set time frame (usually 14 days) from when it first started (an almost impossible task for hidden leaks that may start in a hard to access area and not become known for weeks or months), or put an automatic cap on the amount of repair costs they will cover.
A major contributor to this unwillingness to provide comprehensive coverage is contractor AOB fraud. Outside of weather events, leakage and seepage are responsible for the most claims against homeowners insurance policies each year. They are also the most likely to be taken advantage of by contractors looking to inflate claims by getting homeowners to sign an Assignment of Benefits (AOB) form. These forms divert control of the homeowner’s rights under their policy to the contractor. Claims submitted with an AOB form typically run three times the amount of a normal water related claim.
Olympus and Rytech – Protecting Florida Homeowners
Olympus Insurance strives to help protect homeowners from AOB fraud and the extensive costs of mitigating water damage to their homes in several ways:
When you discover water damage, you simply call Olympus or Rytech directly first, and they will respond within 15 minutes.* Rytech professionals arrive in clearly marked vehicles and wearing company uniforms, so you know who you are allowing into your home. Their state of the art equipment can rapidly dry out your home so restoration can begin, and Rytech bills Olympus directly for a no-hassle claims process.
Ask your agent about the benefits of an Olympus Insurance homeowners policy today. Olympus’ relationship with Rytech and commitment to protecting homeowners from AOB fraud is just one of many reasons why Olympus Insurance should be your top choice when it comes to insuring your home.
*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.