Latest news with #waterdamage
Yahoo
13 hours ago
- Business
- Yahoo
'Just Met The Previous Renter And He Dropped A Bombshell,' Says New Homeowner. Hidden Mold And Damage Were Never Disclosed
Benzinga and Yahoo Finance LLC may earn commission or revenue on some items through the links below. 'Just met the previous renter of our house and he dropped a bombshell,' a Florida homeowner wrote on Reddit, describing a shocking encounter that revealed serious problems with their recently purchased home. The renter, stopping by to collect a misdelivered package, casually mentioned the house had been plagued by issues that were never disclosed during the sale. The conversation started innocently. The tenant ended up sharing horror stories about the home's condition under the former owner. 'Apparently, the house had some serious issues with water damage and mold,' the homeowner wrote in a Reddit post that sparked a major discussion. 'I'm talking major red flags here.' Don't Miss: Accredited investors can —with up to 120% bonus shares—before this Uber-style disruption hits the public markets Named a TIME Best Invention and Backed by 5,000+ Users, Kara's Air-to-Water Pod Cuts Plastic and Costs — Disclosures That Don't Always Tell the Full Story The seller, who also served as the landlord at the time, had denied any history of flooding when asked directly through the homeowner's agent. But the flooring company hired after the sale had already noticed something odd. '[They] asked if there had ever been any flooding because they saw signs of it,' the homeowner said. This left the buyer wondering: Should past flooding be disclosed even if the damage was repaired? Reddit responses suggest that it depends heavily on state laws, but many agree disclosure laws are often weak or outright ignored. Trending: This Jeff Bezos-backed startup will allow you to . Inspectors Often Miss The Big Stuff Plenty of commenters expressed disappointment in home inspections. 'Typical pre-purchase home inspections do not include testing for or inspecting specifically for mold,' one person noted. Others said inspectors often miss damage that's been recently covered up. 'Sometimes people do a very poor job of covering up an issue and other times they do a great job,' a former Florida inspector commented. Some even called the inspection industry a 'racket' and advised against using inspectors recommended by realtors. Legal Options Exist, But They're A Hassle Florida law generally requires sellers to disclose known material defects, even if repairs were made. As one licensed Florida realtor pointed out: 'Absolutely the flooding should have been disclosed. In fact, there is a mandatory Flood Disclosure required before any offer is made as of Oct. 1, 2024.'But proving a seller knew about the problem is the hard part. As one Redditor put it: 'At the end of the day even if the former tenant's telling the truth, if you can't prove it, or prove that the former owner knew, none of it matters.' People recommended several steps: get a mold inspection, track down the previous tenant for a written statement, and consult a real estate attorney. A Common Tale With Costly Consequences Many shared their own horror stories. One buyer said their home had been flooded, painted over, and sold without disclosure. They had to gut the basement and spend over $17,000 fixing everything. Another person described discovering mold behind kitchen cabinets after moving in and eventually winning $60,000 in mediation after gathering enough proof. Read Next: Warren Buffett once said, "If you don't find a way to make money while you sleep, you will work until you die." Here's , starting article 'Just Met The Previous Renter And He Dropped A Bombshell,' Says New Homeowner. Hidden Mold And Damage Were Never Disclosed originally appeared on Sign in to access your portfolio
Yahoo
19 hours ago
- Automotive
- Yahoo
How to avoid buying a flood-damaged vehicle, following heavy rains in NJ
Storms swamped streets, cars, and homes this week as heavy rain brought flooding across New Jersey. Images of cars submerged along roads and highways were plastered all over social media. The floodwaters may have receded, but they left another challenge for future car-buyers: how to avoid buying a compromised vehicle. 'Vehicles damaged by floods have often ended up in the marketplace being sold to unsuspecting consumers,' warns a tip sheet on spotting flood-damaged cars from the New Jersey Division of Consumer Affairs. It's important that consumers know if a car they are buying has water damage because these can have major electrical problems, which can be costly to repair, adds AAA. Tips for spotting a flood-damaged car If you are looking to purchase a car, here are some signs of water damage you can spot before you buy, courtesy of the DCA: Smell for any musty or moldy smells. Test all the electronic components of the car. Look for watermarks as well as dirt and sand throughout the car's interior. Check under seats and the dashboard as well as in the engine bay and trunk. See if there's condensation in the vehicle's taillights and headlights. Search for rusting screws and springs as well as for rust around the rim of the spare tire. Consumers can also look up the vehicle's VIN number to check its condition and history through an approved National Motor Vehicle Title Information Systems Data provider. Getting a mechanic to inspect the vehicle before purchasing isn't a bad idea either. "The vehicle history report may disclose that the vehicle's title has received a 'flood' brand (as well as reveal any prior accidents or odometer discrepancies)," the Division said. Watch out for 'title washing' Still, important information like flood damage can be removed from a car's record through a process called title washing, which can happen if the vehicle is moved from one state to another, according to automotive website Kelley Blue Book. "The best defense is a good offense," Kelley Blue Book advised. "It also pays to complement a vehicle history check with a thorough inspection by a trusted and certified mechanic." This article originally appeared on How to tell if a car has been damaged in a flood, NJ drivers
Washington Post
09-07-2025
- Business
- Washington Post
What flood insurance does and does not cover
SEATTLE — Though natural disasters cycle across seasons and regions in the U.S., it's often a shocking discovery for property owners how expansive and expensive flood and water damage can be when a major storm devastates their homes, businesses and communities. That's because oftentimes insurance doesn't cover what the policyholder thinks it does — or thinks it should.
The Independent
09-07-2025
- Business
- The Independent
What flood insurance does and does not cover
Though natural disasters cycle across seasons and regions in the U.S., it's often a shocking discovery for property owners how expansive and expensive flood and water damage can be when a major storm devastates their homes, businesses and communities. That's because oftentimes insurance doesn't cover what the policyholder thinks it does — or thinks it should. The disappointing surprise is that while the standard home insurance policy does cover fire and wind damage, even good property insurance typically doesn't cover things like flooding and earthquakes, which usually require a special and separate policy for each. Here are the things to know about flood insurance. Who has flood insurance Most people who have flood insurance are required to have it. Although many property owners have the option of purchasing flood insurance, it is mandated for government-backed mortgages that sit in areas that the Federal Emergency Management Agency deems highest risk. Many banks require it in high-risk zones, too. But most private insurance companies don't carry flood insurance, leaving the National Flood Insurance Program run by FEMA as the primary provider. Congress created the federal flood insurance program more than 50 years ago when many private insurers stopped offering policies in high-risk areas. FEMA's Flood Map Service Center has an online tool to check your area. FEMA notes even a 1% chance of flooding is considered high risk because it amounts to a 1-in-4 chance of flooding over the life of a 30-year mortgage. Who doesn't have flood insurance Homeowners in high-risk areas who should have it sometimes decide not to get it. Someone who pays off their mortgage can drop their flood insurance once it's not required. Or if they purchase a house or mobile home with cash, they may not opt for it at all. The rest of us are just rolling the dice, even though experts have long warned that flooding can happen just about anywhere because flood damage isn't just water surging and seeping into the land — it's also water from banks, as well as mudflow and torrential rains. Mark Friedlander, spokesman for the Insurance Information Institute, an industry group, said only about 6% of U.S. households have a flood policy — primarily in the costal areas prone to hurricanes. That rate has remained steady in recent years despite the increasing frequency of severe flooding events, including in areas that are not formally considered by the government to be high risk. 'Lack of flood coverage is the largest insurance gap across the country,' Friedlander said in an email. 'Ninety percent of U.S. natural disasters involve flooding and flooding can occur just about anywhere it rains.' What flood insurance covers Even if a homeowner does have flood insurance, the coverage may not be enough to make a policyholder whole again. FEMA's National Flood Insurance Program only covers up to $250,000 for single-family homes and $100,000 for contents. Renters can get up to $100,000 for contents, and commercial flood insurance will cover up to $500,000. There are concerns that such flooding coverage limits are not robust enough, especially at a time when climate change is making strong hurricanes even stronger and making storms in general wetter, slower and more prone to intensifying rapidly. And what typically happens to the people without flood insurance in a major storm is that they can try to recover some money from their standard home insurance but may end up in a fight to determine what damage is or isn't wind versus rain, or even 'wind-driven rain.' Don Hornstein, an insurance law expert at the University of North Carolina, said the line between wind and water is a thin but very clear line that technical experts can determine. Should there be a proverbial tie, the law favors the insurance company. 'If the house was simultaneously destroyed by flood and, concurrently (by) wind, it's not covered by private insurance,' Hornstein said.
Yahoo
07-07-2025
- Climate
- Yahoo
Is water damage covered by your home insurance policy? Learn more about prevention tips and coverage to help protect your home
According to the Insurance Bureau of Canada, 2024 was the costliest year for severe weather-related losses in Canadian history, with $8.5 billion in insured damages due to wildfires, hail and floods. Flooding, in particular, caused $990 million (in July 2024) and $110 million (in August 2024) in insured damages alone. Water damage is one of the most common causes of home insurance claims, and for good reason. Whether it's a leaky roof or a clogged drain, water can wreak havoc in your home leading to extensive damage and expensive repairs. Taking steps to help mitigate potential risks of water damage can go a long way in protecting your home and your wallet. Here are a few tips to help you understand the causes and early signs of water damage and how TD Insurance can help protect your home. What causes water damage and what are the early signs? Water damage can be caused during heavy rainstorms, during which water can seep into your home through your roof, windows, doors or walls. Originating from inside your home, water damage can also be caused by clogged drains, faulty plumbing or malfunctioning appliances. It's important to be aware of and identify the signs of water damage as soon as possible. Things like peeling wallpaper or bubbling paint, a damp or musty smell, buckled or warped flooring or puddles of water in odd places are some early warning signs that water might be causing problems in your home. Other signs can include mold or mildew growth, soft or damp spots on walls or floors, or brown or yellow stains on ceilings. Once you notice the early signs of water damage, it's important to act fast to address the problem and help prevent further damage. Tips for preventing water damage in your home Given the havoc water damage can wreak in your home, it's best to not wait until it happens. Thankfully, there are steps you can take to help reduce your risk: Keep up with roof inspections: Damaged or missing shingles can lead to a leaky roof. Have a professional roofer check your shingles and fix or replace them as needed. Clean your eavestroughs and downspouts: Seasonally clean your eavestroughs and downspouts to remove clogs from leaves, branches and other debris. Another tip is to make sure that your downspouts drain far enough away from your home which will help reduce the chance of water entering your foundation, especially if your grading tilts toward your home. Regularly check your windows and doors: Look for any cracks or gaps in the caulking or sealant round the windows and doors. It's also a good idea to check the foundation for any visible cracks. If you find any gaps or cracks, you may need to replace the caulking or repair the foundation to help reduce the chance of water finding its way into your home. Check your plumbing: Inspect any visible pipes in your home for signs of wear, corrosion or leaks and upgrade old pipes and fittings as needed. Use best practices for landscaping: Ensure that trees aren't planted too close to your home to help limit the risk of roots damaging your foundation or drainage system, and be sure to keep the ground sloped away from your home's foundation. Consider installing a sump pump: A sump pump usually sits below your basement floor and moves water out of your basement if the water level in the sump pit gets too high, which helps to keep your basement dry. It's also recommended to have a backup power source for your sump pump to ensure it continues to work in the event of a power outage. Consider installing a backwater valve: A backwater valve is a preventive device that can be installed on your sewer line to ensure that any excess water or sewage flows out of your house. Consider installing smart home monitoring devices: Get notified if a water leak happens. The ability to monitor and react to the water leak can help you potentially save time, money, and energy to help you feel safe and secure whether you're indoors or away from home. Also, get rewarded with savings on your home insurance for having a connected alarm for water damage. When it comes to water damage, taking proactive, preventative measures can help to decrease the risk of water damage, and with TD Insurance, you can get the coverage you need to help protect what matters most. What's covered by home insurance? Home insurance policies typically include coverage against sudden and accidental water damage from your plumbing system. The standard TD Insurance home insurance policy typically covers water damage caused by: Sudden burst pipe in the bathroom Sprinkling system rupture Plumbing system rupture Heating system rupture Water leaks from a dishwasher, hot water tank¹ or other household appliances and Escape of water from a public water main that carries drinking water While these are examples of scenarios where standard insurance could cover you, additional coverage can provide protection for a wider range of potential issues. TD Insurance offers additional water damage coverage that helps to protect your home in situations that are not be covered by standard home insurance policy, such as: Extended Water Damage Coverage: This coverage provides protection against water damage caused by sewer backup, or ground or surface water from a freshwater source that enters or seeps into your home. It also covers water damage caused by overland water that enters your home due to the rising or overflow of a stream or body of freshwater. Above Ground Water Coverage: This coverage provides protection against water damage caused by water originating from eavestroughs, downspouts, rain leaders or roof drains, as well as rain, snow, melting snow or melting ice that enters or seeps through the roof or above ground walls of the building or an opening. This coverage provides protection against damage caused by water originating from eavestroughs, downspouts, rain leaders or roof drains, as well as rain, snow, melting snow or melting ice that enters or seeps through the roof or above ground walls of the building or an opening. Ice Damming and Roof Drain Back-up Coverage: This coverage protects against water damage caused by ice dams, including water that enters the dwelling through a roof due to the accumulation of ice or snow, as well as the backup, overflow or discharge of water from eavestroughs, downspouts, rainwater leaders or roof drains. Keep in mind, though, that exclusions may apply to these types of additional water damage coverages.¹Water heater tank(s) need to be replaced before the age reaches 15 years or older to avoid an exclusion of coverage. Loss or damage caused by water originating from your water heater tank(s) will not be covered if the manufacturing date is 15 years or older. TD Insurance residential and personal lines automobile insurance policies are underwritten by Security National Insurance Company, Primmum Insurance Company, TD General Insurance Company, and TD Home and Auto Insurance Company, and are distributed by TD Direct Insurance Agency Inc. and Meloche Monnex Insurance and Financial Services. Due to provincial legislation, TD Insurance does not offer personal lines automobile insurance products in British Columbia, Manitoba, or Saskatchewan. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
