Water damage and valuation challenges cover gaps
Winter also has an impact on pricing. As Nor’easters dump heavy snow in New England, the risk of ice traffic jams is multiplied by. “You get buildup of ice dams and then back down behind those ice dams and then get hurt from water inside residential and commercial buildings,” said O’Donnell. An event triggers multi-unit losses, prompting underwriters to adopt a deductible per unit of water damage on standard all-rot clauses.
