Digging Deeper: Well Drilling and Property Insurance
Owning a well can be a great investment for both residential and commercial properties. It can provide clean drinking water and save you money on utility bills. However, getting a well installed takes a lot of work and proper planning. One thing that property owners often forget to consider is the role of insurance when it comes to their well. Accurate Drilling Solutions, a residential and commercial well drilling company located in Tampa, FL, is here to help guide you through the process.
Why Well Drilling Needs Property Insurance
Insurance is a crucial component of any property owning venture. A well may seem like a small installation on the surface, but it can have major implications on your property, home, and family. The first step is to verify what coverage you currently have with your insurance provider and whether or not it covers well drilling.
Next, you need to assess the risks related to your water well. Hazardous conditions like sinkholes, flooding, or seismic activity can cause well walls and casing to crack. Moreover, any leaks or contamination of ground water can be potentially hazardous to your neighbors and environment. Since water wells are prone to both natural causes and human error, having an insurance policy that covers any damages is essential for long-term protection.
Types of Property Insurance
There are various types of property insurance available to well owners. The most common type is homeowners insurance. However, homeowners insurance policies typically don’t cover damages to water wells. In such cases, an endorsement or rider can be added to a homeowner’s policy to cover this type of damage. Additional insurance policies that well owners should consider include:
1. Water Well Equipment Insurance: This covers equipment breakdowns caused by overheating, electrical failure, or other malfunctions.
2. Water Well Completion Insurance: Covers costs incurred if, during installation, the well drilling contractor causes damage to the well itself or your property.
3. Water Well Flooding and Contamination Insurance: If the well is affected by damage caused by flooding or contamination, this type of insurance will cover the services required for cleaning and repairing the well.
4. Water Well Liability Insurance: This coverage is specifically there to protect well owners from any potential lawsuits if they are held responsible for contaminated wells that contribute to damage or health problems.
How to Choose the Right Policy
Before committing to any insurance policy, it’s imperative that you shop around to ensure that you’re getting the best deal and coverage. Make sure you understand the limits, deductibles, and exclusions under a given policy.
Furthermore, it’s essential that you get reliable contractors to do your well drilling. Licensed drilling contractors can provide you with useful information on your selection of insurance policies and can even assist you in the selection process. You can also use drilling contractors with a well-established track record to advocate on your behalf.
Protect Your Investment
In summary, well owners should consider investing in an insurance policy that provides coverage for any potential damage to your wells. Water wells are an excellent investment and should be treated as so.
At Accurate Drilling Solutions, we are committed to providing our clients with the best advice and services in well drilling. We believe that with the right guidance, you can get the most out of your well.
