Wear and tear is not often included in a typical insurance policy- Eric explains why, and what could be covered in such a situation.
Wear and tear is typically not covered by your standard insurance policy. The wear and tear exclusion is a provision that basically states that the normal, expected deterioration of the insured object will not be covered by the insurance policy. Wear and tear is excluded from insurance policies because it is inevitable and is considered to be a maintenance issue. Although, the damage caused might be covered. For example, if a pipe bursts causing damage to an owner’s floor and their contents, repair of the pipe would not be covered. However, the floor and contents should be covered by the association and/or unit owner’s policy, as pipe bursts are normally a covered cause of loss. Another common occurrence that can be confusing is when a pipe has been leaking for several months and there is damage to the unit or building. In this instance, neither the pipe nor damage caused by it would be covered, as insurance policies typically have an exclusion for leaks that have been ongoing for 14 days or more. Again, this is considered a maintenance issue. Insurance coverage generally kicks in when damage is caused by something sudden and accidental. For more information, please contact us.