A washer hose bursts and the water damages your finished basement. What will your insurance policy cover. Virtually all homeowner insurance policies cover water damage from a burst pipe. This assumes that the burst was not caused because the pipes froze as a result of you not having maintained heat in the building. If your carpeting could not be saved your policy would replace it, even if it several years old. The same goes for replacing drywall and baseboards, along with any needed painting.
If you are a renter, don’t expect your landlord’s policy to cover your personal property. It won’t! That’s why there is such a thing as renter’s insurance. Renter’s insurance is usually very affordable and easy to purchase. It is definitely recommended, especially if you live in a multi-unit building.