Water damage is a common cause of home insurance claims. Despite the fact that homeowners insurance policies cover some types of water damage, the out-of-pocket repairs can still be expensive. Homeowners are often forced to deal with many of the restoration costs in Greater Minneapolis. Any water damage caused by a burst pipe or storms can quickly worsen in severity, thereby increasing the cost.According to the Insurance Information Institute , 1 in 50 insured homes will file a water damage claim every year. Depending on where the water damage is located, the cost of reparations can vary. It’s tough to decisively say that ‘water damage costs this much’ without knowing all the factors.
Let’s explore the most common factors associated with water damage. When you call a local restoration team, the first step in the process is an assessment. The team will examine the water damage, then provide you with a quote. That quote will be created based on:
These factors can quickly increase the price when dealing with more serious situations like black water damage and mold growth. The more contaminated the water, the higher the cost to rectify the situation.
According to reports by FIXR, the average water damage restoration cost is currently $2,700. On the low end, you can expect to pay at least $1,400. On the high end, expect to pay $7,500 or more.
What’s included in those numbers? The low-end estimate accounts for water removal and drying. High-end prices involve more serious work like black water removal, drywall and carpeting replacement, and mold remediation.
The costs associated with water damage restoration can be overwhelming. Many homeowners lack the funds to cover the total cost. That’s why homeowners insurance is a must-have.
Scheduling water damage restoration is also a necessity. Here’s why:
If you do have homeowners insurance, know that it does not cover gradual water damage. For instance, if you have a slow plumbing leak that you could have fixed, the insurance company will refuse to cover the damages. They will cover the damage caused by a burst pipe, storm damage, and sudden backups. For anything else, you’ll want to read the fine print of your insurance policy for more information.
For exceptional water damage restoration services, contact Restoration 1 of Greater Minneapolis. We provide 24-hour water damage restoration services for homeowners in the area. Give us today a call at 612-268-1961.
David Tynes is the general manager of Restoration of Greater Minneapolis. David has years of experience in home and commercial restoration, and he is certified as a restoration professional by the IICRC.