A finished basement can add to the enjoyment of your home for a variety of reasons. You can turn the basement in your home into a playroom for the kids, a spare bedroom or a home office; the choices are endless. Of course, when you improve your home with a finished basement, you should make sure that your homeowner’s insurance policy covers the extra value that your home has with the room.
It is always a good idea to re-evaluate your insurance policy when you add something of value to be sure that you are covered. You must make sure that the items in the home as well as the structure itself are covered in the event of a disaster.
Consider what a flood could do to your finished basement and you will quickly realize the value of a homeowner’s policy that covers the basement. Take into consideration the amount of money that was spent finishing the basement as well as what it would cost to repair the damage if water seeped into the room.
Most insurance policies need an added rider to the insurance to cover basement flooding. The typical homeowner’s policy will not cover a flooded basement that is not caused by a broken pipe or water line. The extra coverage added to your policy will not cost a great deal more and gives you peace of mind that your basement will be covered in the event of a flood in your home.
Those who have experienced a flood in the basement know that it can be difficult to assess the damage. Make sure that you take pictures after the flood to show the insurance inspector the damage. Make sure that you get pictures of the water in the basement when it occurs. This will show the insurance company the level of water that was in the basement. Video of the flood damage may also be very help
You should also document the items that are in your basement that may need to be replaced in the event of a flood. Make sure that the amount of coverage that your insurance policy provides is enough to cover the repair of your finished basement. Include the cost of the flooring, water removal, professional cleaners and the cost to replace items ruined by a flood. While you hope a flood never occurs in your finished basement, a good insurance policy that covers a flooded finished basement will help you in the event that it does.