What Could Cost Homeowners with Property Damage Restoration?
We all know that disasters happen. They come in many forms – hurricanes, floods, fires, and even earthquakes. The National Flood Insurance Program (NFIP) has said that 90% of all-natural disasters in the US involve flooding. So, water damage can occur just about anywhere, at any time.
Water damage is one of the most common and costly types of property damage. In fact, it’s the second most frequent type of insurance claim (after wind and hail damage). According to the National Flood Services, the average cost of water damage services is $3.75 per foot and can easily increase, depending on the damage extent.
So what does this mean for homeowners? It means that if you live in an area prone to floods or other water-related disasters, it’s important to have a plan for property damage restoration. And while water damage restoration can be costly, the alternative is often worse. If a disaster damages your home, you will likely need to hire a reputable property damage restoration company to help you get your life back to normal.
Here are some factors that affect the cost of damage restoration services:
1. The type of damage
There are various water damage types, and each requires a different kind of repair. For example, if a sewage backup has damaged your home, you need to have the affected area cleaned and sanitized. This is a much more intensive (and costly) process than simply cleaning up water from a broken pipe.
2. The size of the damage
The size of the damage is another important factor in determining the cost of restoration. A small leak in your roof may only require a few hours of work and a few thousand dollars to fix. However, if your entire basement has been flooded, it will take days or even weeks to restore, and the costs will be much higher.
3. The location of the damage
The damage location is also a factor in the cost of restoration. Water damage in a basement is usually more expensive to repair than water damage in an upstairs bathroom. This is because basements are generally larger and require more work to restore.
4. The extent of the damage
The extent of the damage is perhaps an essential factor in determining the cost of restoration. The repairs will be less extensive (and less expensive) if a small area has been affected. But if your entire home has been flooded, the repairs will be much more extensive (and much more expensive).
5. The time it takes to restore
The time it takes to restore your property will also affect the cost. If you need your property to be restored quickly, it will likely cost more than if you can wait a few weeks for the repairs.
6. The company you choose
The company you choose to restore your property can also affect the cost. Note that some companies charge more, so you should compare prices before hiring a company. Choose restoration professionals near you so that they can quickly respond to your emergency.
7. Your insurance
Your insurer will likely cover at least part of the cost if you have insurance. However, if you don’t have insurance, you will be responsible for the entire cost of the repairs. Water damage caused by flooding is not typically covered by homeowners insurance, so you will likely need to pay for the repairs out of pocket if your home has been flooded.
If you are in a flood-prone area, it’s best to purchase flood insurance to protect yourself from the high cost of repairs. Keep in mind that similar to learning more about how to get health insurance (especially during these times of coronavirus), reading your homeowners’ insurance policy thoroughly, and talking to your agent can help you understand what is (and isn’t) covered.
8. Your deductible
Your insurance deductible can also affect the cost of restoration. If your deductible is $500 and the damage costs $5,000 to repair, you will only need to pay $500. However, if your deductible is $2,000 and the damage costs $5,000 to repair, you will be responsible for paying $2,000 out of pocket.
The Bottom Line
The cost of property damage restoration can vary widely, depending on the factors mentioned above. However, one thing is certain: the restoration cost is always less than the replacement cost. If your property has been damaged, don’t wait to call a property damage restoration company. The sooner you do, the sooner you can get your life back to normal.
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