In an upscale suburb of Buffalo, NY sits the Town of Clarence and it’s neighbor Clarence Center. This is the home of many affluent businessman, a NY State Congressman and most of the Buffalo Sabres players and coaches.
These type of resident’s typically will finish off their basement in some sort of recreation room, basement bar or even a fancy wine cellar. Some even have theater rooms, complete with theater-style seating.
What the homeowner doesn’t realize is, they may not be entirely protected for a homeowner loss with their current insurance company. Many insurance companies with have a limit on a claim from water intrusion from a sump pump failure. The typical limit we see is $5,000 or $10,000 – not enough to cover many of these items now installed.
Additional limits of $10,000, $25,000 or $50,000 can be purchased for under $150 per year. This would give a homeowner the proper way to cover any basement water loss due to sump pump failure.
If a homeowner hasn’t had their home insurance policy reviewed since they made these changes in their home, they need to make this a 2015 priority. I’ve seen too many claim’s denied or paid out lower than needed because the homeowner never told the insurance agent or assumed it was covered.
If you too have a finished basement in your home, have your homeowner insurance policy reviewed…you’ll be glad you did!
Tom Larsen, Licensed Insurance Broker in Clarence, NY