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Many home and business owners do not realize that a typical property insurance policy will not cover damage caused by water that comes from the ground (known as floodwaters). The insurance companies make a distinction between water damage and flood damage. Water damage can be caused by a broken pipe or leaking roof. Flood damage is caused by water from an existing body of water - a lake or river, for instance - that rises and enters a property. It can also be the result of excessive rainfall.