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Originally Posted by JoeRedskin
Ummm, maybe - Even if covered, you may want to assess the damage and see if you can't cover it yourself. Insurance underwriting has gotten very strict as the market has hardened. If you have two or more claims in a trhee year period and depending on your insurer, you may get cancelled. Once cancelled it is difficult and expensive to get reinsured.
You should really only use your homeowner's insurance for really BIG losses (my deductible is at 1,500).
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Half of my basement is finished. The projected cost of replacing the carpet and two feet of drywall from the floor up (due to mold infestation from the water) is over $12,000, not including the stored items that were lost from water damage. So yeah, I called my agent. I agree that insurance companies won't tolerate getting nickel-and-dimed to death, but a flood of a finished area can cost a whole lot.