Water damage and valuations challenge coverage gaps
Winter is also exerting its influence on pricing. As Nor’easters dump heavy snow across New England, the risk of ice damming has multiplied. “You get ice dam buildups, water then backs up behind those ice dams, and then you get water damage inside both your residential and commercial buildings,” O’Donnell said. One incident can trigger multi-unit losses, prompting underwriters to adopt per-unit water damage deductibles atop standard all-other-perils terms.