April 7, 2014 by Canadian Underwriter
State Farm is reminding consumers to check their homeowners’ policies and understand what’s covered for water damage, after paying out $1.3 billion for water loss claims last year.
The insurer paid out that sum for more than 180,000 water loss claims resulting from burst frozen pipes, flooded basements, and broken appliance hoses. That’s an average of $7,200 per claim.
Along with reminding consumers to check their policies, State Farm also recommends prevention tips, including:
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