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  • Umm... not quite right andrew
    • caffiend
      Posted Jul 25, 2012 6:44 AM

      Sorry, Andrew, not quite right there. I'm going to get a little technical for a moment.

      Specifically, the definition of flood pulled from a standard flood policy packet (as of current- there are some amendments being considered):
      Flood, as used in this flood insurance policy, means:
      1. A general and temporary condition of partial or complete inundation of two or more acres of normally dry land area or of two or more properties (at least one of which is your property) from:
      a. Overflow of inland or tidal waters;
      b. Unusual and rapid accumulation or runoff of surface waters from any source;
      c. Mudflow.
      2. Collapse or subsidence of land along the shore of a lake or similar body of water as a result of erosion or undermining caused by waves or currents of water exceeding anticipated cyclical levels.

      So, no the flood insurance policy won't cover for breakage of water pipes. However one thing to consider is that if you live down-hill from someone with an above ground pool that ruptures, the second it crosses your property line it's defined as flood, and thus, not normally covered under your home insurance policy. Need flood coverage for that.

      Now to properly cover yourself for breakage of waterlines, you need to obtain one of the following policy types (or equivalent form as some companies use proprietary forms): DP-2 (Broad-form), DP-3 (Special-form), HO-2 (Broad-form), HO-3 (Special-form), HO-4 (Renters - Broad-form), HO-6 (Condo/Unit-owners, Special-form), HO-8 (Special-form, ACV)

      The DP forms are also known as Dwelling-Fire policies (generally cheaper but provide fewer coverages), and the HO forms are the Home-Owners (more expensive, but much more coverage is provided).
      Broad-form means that the policy covers for specifically listed causes of loss (aka: perils) such as fire, lightning, wind/hail, breakage of pipes, etc. but if damage occurs outside of the listed causes, there is no coverage.
      Special-form means that the home is covered for direct loss of the home or structure regardless of cause, subject of course to the exclusions and limitations in the policy. Read your policy carefully, so you know what they are.

      There are some exclusions that are near universal for home insurance policies, specifically: Flood, Mudslide, Mudflow, Landslide, Earthquake & earth movement

      Oh.. and if anyone here is renting (especially if you live in an apartment complex or college dorm), I strongly recommend getting the HO-4 Renter's policy.
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