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Is It Covered?: A Flood of Uncovered Claims

April 6, 2021

On a recent insurance social media page, an agent was looking for a market for a $2 million home that had experienced a $540,000 plumbing leak claim and the carrier had nonrenewed. A few weeks earlier, another agent had been looking for a market for a home that had plumbing water damage claims in two successive policy periods, one of them being over $200,000.

If we go back in time to one of the first standardized property policies, the 1943 New York Standard Fire Policy (SFP), it covered two primary perils: fire and lightning.

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