Homeowner’s insurance covers most catastrophic losses at someone’s home. Commercial property insurance policies cover losses on the premises of a business. Both are similar in that they provide coverage for damage to the building, whether residential or commercial.
Causes of damage that may be covered by insurance are a windstorm that blows off shingles, for example. Other types of damage that a house could suffer include theft or fire.
Water Damage Insurance Claims
Water damage claims are quite common. Whether it is covered by the insurance policy or not is based on the cause of the loss. An example is a water loss stemming from pipes. The insurance company may question and investigate the cause and claim it was a long term leak, which may not be covered, instead of a pipe burst, which is covered.
Typically, insurance companies will argue that the damage resulted from a slow leak that was detectible by the owner but not fixed, which fits into one of the exclusions in both the commercial property and homeowner’s policy.