Do you have laminate flooring in your home? If so, you might wonder how much insurance will pay for that flooring if your home suffers damage.
This is a pretty complicated question with a lot to learn and know. Each situation will be unique, and how much your insurance will pay out will depend on myriad factors.
I will cover those factors and help you learn about insurance payouts for laminate flooring.
Table of Contents
What is Covered
Before we get into anything else, it is crucial to define coverage and they do not cover in typical home insurance regarding flooring.
The first thing that home insurance commonly covers is water damage. Flooding can cause water damage, leaking pipes, and appliances, or a heavy rainstorm.
If the above has damaged your laminate flooring because of any water event, your insurance may pay for the damages.
However, there is one type of water damage excluded from your standard home insurance policy. You probably already know, but it is flood damage, and you will only get coverage for damage caused by flooding under a flood insurance policy. Please carefully check and read all policy terms for coverage.
Typically, you only get this for high-risk flooding areas. Other types of water damage, such as water pipes bursting, do have coverage under standard home insurance.
Another type of damage that is typically covered by home insurance policies is fire damage. If your laminate flooring has fire damage, then the costs for repairs have coverage by your insurance.
What Isn’t Covered
Home insurance is excellent for covering certain types of damage, but there are many instances where coverage is not available under your standard home insurance policy.
I have created a rundown of what you might be liable for, assuming you do not have the related insurance coverage.
The most common type of damage that people rarely get insurance coverage for is flood damage. Flooding is separate from other natural disasters; thus, coverage from most standard home insurance policies is unlikely.
If you want protection from flood damage on your floors, you will want to take out is special coverage called flood insurance.
For areas with a high risk for flooding, do this sooner rather than later.
Damage resulting from flooding can be catastrophic, so if you are at risk, explore the possibility of getting flood damage as soon as possible.
Types of Insurance That Could Cover Flooring Costs
As you well know, there are dozens of types of insurance policies that you can purchase for your home, property, or business. Now, we will walk through each type of insurance you can get and how they might cover flooring damage.
The first and most common type of coverage that you can have that might cover the cost of flooring in the event of a disaster or accident is homeowner’s insurance. Homeowner’s insurance is a type of policy that covers damage to your property, and it can include covering the cost of repairs for flooring sometimes.
Typically, if you have homeowner’s insurance and damaged flooring occurs because of a covered event such as fire or water, you will get the costs of repair covered by your insurance policy.
The next type of insurance that might cover the costs of flooring sometimes is flood insurance. Flood insurance is a special coverage, and it can come as an endorsement on your home or business policy or as a standalone policy.
You may want a flood insurance policy to cover a catastrophic flooding incident.
The last type of coverage that may help with the cost of flooring damage is time element insurance or “business interruption” insurance. This policy covers the costs associated with a business or property damaged due to flood, fire, or another natural disaster.
Typically, this kind of policy will cover the cost of repairs and any lost income because of the disruption to your regular operations.
If you are running a business out of your home and believe you could be at risk of lost operations because of a disaster, then time element insurance might be worth considering.
Flooring Warranty Policy
A warranty policy is not necessarily an insurance policy. However, it can still help you recoup your losses if damage occurs to your floor, mainly if the damage is from the failure of the product to perform to advertised or stated standards.
Typically, a flooring warranty policy will cover any costs associated with replacing or repairing the product because of defects in craftsmanship or materials.
Sometimes, the warranty policy might even cover accidental damage depending on the type of coverage that is included.
You can often purchase extended warranties that cover a period beyond the standard warranty period for the flooring you purchase. It is optional, however.
How Much Will Insurance Cover?
Now that we know about standard insurance coverage, let’s talk about how much it will cover. Insurance has no guarantees to cover all the costs associated with flooring damage. Here is what you can expect regarding compensation when you file a claim for damage to your flooring.
Your insurance will payout based on the cost of replacing your flooring, so if you have laminate flooring and it costs a certain amount, then your insurance company will pay out that amount as compensation.
I would keep in mind that there are usually deductibles associated with home insurance claims, so before you receive any money from your insurer, you must also pay a certain amount out of pocket. The deductible varies from policy to policy and is in the fine print when you sign up for coverage.
Finally, remember that insurance companies have the maximum amounts they will pay out. That means you will need to pay the bill if repairing your flooring costs more than the total amount.
Factors for Coverage Amount
Many homeowners’ insurance policies offer to cover a portion of the repair or replacement costs for damaged flooring. Still, a few factors will determine precisely how much you get and what course of action the insurance company takes when making you whole again.
For example, if a pipe burst damaged your floor or some other form of water damage, you are likely covered than if it damaged your floor because of normal wear and tear.
The amount of the deductible in your policy is another factor in how much coverage you will get. Your out-of-pocket payout is your responsibility. Once paid, insurance covers any cost associated with repairing or replacing your flooring.
We should note the deductible in your policy documents, but if not, ask your insurance agent for more information on what it would cost you to repair or replace your flooring.
The cost of replacing your flooring is also a factor that will determine how much you get from your insurance company. The more expensive the replacement costs for your flooring, the more money you can expect to receive for repairs or replacements.
Sometimes, the insurance company may even cover the entire cost of replacing your flooring, depending on the damage type and level of coverage you have purchased.
Type of Flooring
An important factor in how much you receive from your insurance company will be the type of flooring you have and how expensive it is. For example, your coverage may be higher than carpeting or vinyl if you have hardwood floors.
The more expensive the flooring is, the more money your insurance company will give you for repairs and replacements.
These are some factors in how much you get for repairs or replacement costs for your damaged flooring. Talk to your insurance agent to find out what your policy covers and how much coverage you get. Make the most of your insurance policy when repairing or replacing your damaged flooring.
How to Find What Your Coverage Includes
Insurance companies offer many options, so it is confusing to know the exact coverage sometimes.
If you want to learn about your policy and determine what it covers, then read these helpful tips on finding out what your coverage is on your floors.
Contact an Agent
The first and probably fastest way would be to call your insurance agent. They can tell you the coverage details. Sometimes, this will be the individual that sold you the insurance policy. Other times, a randomly assigned support agent will take your call when you call your insurance company.
Either way, talking to someone from the company you have insurance through will be a great way to find out insurance policy coverage and whether it applies to your flooring.
Another great way to learn about your policy is to read your policy documents, which are usually accessible online. Look through the papers and check for any notable exclusions or limitations that could apply to your situation.
If you cannot find anything online, contact your agent directly and ask them questions about what they include in the policy. This way, you know exactly what coverage you have and what your policy covers.
Get New Insurance
If you’re having trouble accessing the information you want, start a new insurance policy with a new agent. Loyalty is cheap, and this is about you. You’re paying for this, so shop around.
Starting a new policy allows you to start fresh, talk with an agent, and ask questions before picking your policy.
This way, you can ensure that they protect your flooring and that you know what your policy covers. When ready to replace or repair flooring, I know you’d want peace of mind.
How to Make Sure You About Coverage
If you’re finding that they do not cover you at your level of expectations, then there are a couple of options you can explore.
The first and most straightforward way is to adjust your current insurance plan. Talk to your agent and ask if there is an option that would provide coverage for you. It will cost more, but if you want it, and they’re willing to provide coverage, then decide.
This way, you don’t have to worry about being underinsured when it comes time to repair or replace your flooring.
Get a Supplemental Policy
Another option would be to purchase a supplemental policy, as it provides additional coverage for repairs or replacements, allowing you to ensure that you always have coverage with an accident.
It’s a great way to ensure that you will take care of your flooring and have the money necessary to repair or replace it properly.
How to File a Claim for Flooring Damage
In this next section, I will discuss how to file a claim for flooring damage and cover each step.
Contact your insurance company that you are filing a claim for flooring damage. You will need to provide them with all the documentation, such as photos of the damage, receipts from purchasing materials, and more.
Next, they will assess the extent of the damage and determine how much they will pay out in compensation. Your deductible comes into play, so make sure you have the funds to pay.
Upon insurance claim approval and deductible payment, you can repair your floors or replace them entirely. Your insurance company will compensate you for these costs once they finish repairs.
Finally, keep all the receipts and paperwork associated with your claim in your essential files, as it will come in handy if there are any problems with your coverage in the future.
So, there you have it. Insurance can cover your flooring replacement or repair needs in the right situation, but it’s not a guarantee that what happens will be covered or that insurance will pay for all of it even if it is covered.
Read all policy details carefully; if something is unclear, call and ask for clarification.
Always prepare for what might happen to your floor by reading your home insurance policy and ensuring you have all the information you need to feel safe and secure.
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John Thompson, Writer and Commentator, EvolutDesign.com
Soldier, writer, researcher, consultant, and bon vivant, John Thompson is the author of numerous columns, op-eds, reports, briefs, short stories and books as the “Felicity Files” and “Spirit Over Steel: A Chronology of the Second World War” (version III). Often found hunched over his computer, or in his garden, and now often found doing both. His diverse talent has led him to work in industries and projects such as energy, security and home construction and renovation.