Have you ever seen a municipal water tower in the middle of a residential neighborhood? Chances are you have…perhaps you yourself live next to one.
Have you ever wondered what level of damage would be done in the immediate area if the tower suffered a catastrophic leak? What kind of damage would you incur if you lived next to one and it let loose? If your home was instantly flooded, who would pay to fix the damage?
Many people believe one of two sources would pay to fix their damage, and both are wrong.
“My homeowners insurance will cover the damage.” While this would not be the type of flood one would envision, it still would be a flood by definition and thus, excluded under a homeowners policy.
“It’s owned by the (village, city, county, etc), they are responsible for the damages.” In a situation like this, the municipality that owns or maintains the tower would not be responsible for your damages due to governmental immunity.
So where would I find coverage for this scenario?
The bad news is in order to get a loss like the one described above is to buy a separate flood insurance policy for the property close to the tower.
The good news is that in this situation it’s unlikely that you would be in a flood zone, making the premiums significantly lower.
If you would like a quote on a flood insurance policy, please call us at 419-446-2777, or click and we will get one turned around as soon as we can.