$50 or even no deductible, but you don't see that now." And here's where the fine print is often missed: the deductible is "per occurrence." "If you have a water pipe that broke and damaged your floor and ceiling that's one occurrence where you'll have to pay the deductible" Alfredo said. "Then months later if a tree falls on your house and puts a hole in the roof that's another occurrence — which mean's you'll have to pay the deductible for that too." Another crucial detail in most homeowners' policies are they cover only "sudden" and "unexpected" water damage, such as a ruptured pipe. A faucet left leaking for months causing gradual damage to a wall or floor wouldn't be covered.