As a homeowner, you must know the potential risks to your home’s foundation. Foundation repair can be costly, and it’s essential to know if your homeowners’ insurance policy will cover the cost of repairs.
Fortunately, in many cases, homeowners’ insurance will cover foundation repair. This is especially true if extreme weather conditions cause foundation damage. If you have a concrete slab foundation, be aware that this type of foundation can be susceptible to damage in hot weather conditions.
However, if you experience damage to your foundation, options are usually available through your homeowner’s insurance policy to help cover the costs of repairs.
Let’s review what causes foundation problems and which repairs your home insurance policy may cover. Keep yourself aware of your options, even if you’re foundation isn’t covered, so you can make better decisions. The more you stay on top of the damage to your foundation, the better off your home will be.
Understanding the Cause of Foundation Damage
Foundation problems can arise from various factors, this includes:
- Too much or too little moisture in your soil
- Natural disasters like earthquakes or mudslides
- Human activity like construction work.
If you’re having foundation troubles, determine the root cause before you talk to your insurance provider.
Understanding the cause of your damage will help you understand your coverage in more detail and make the call with your insurance provider a little more predictable. In some cases, the cause will be apparent, but in others, you may need to call an expert to diagnose the problem.
Once you know what caused the damage, you can learn how extensive repairs will be and whether you have a case for filing a home insurance claim.
Foundation Repairs Your Home Insurance May Cover
Foundation is protected under Coverage A section of your home insurance policy, covering the structure of your home.
Most home insurance policies will cover foundation repairs due to the following:
- Vehicle or aircraft damage
- Falling objects
- Water damage
Remember that almost all homeowners’ policies exclude two natural disasters: floods and earthquakes. Regardless of your insurance coverage, if you have foundation problems, getting them fixed as soon as possible is vital to prevent further damage.
Allowing small cracks to go unattended during extreme weather conditions can cause severe damage to your home and make it uninhabitable.
Don’t Delay – Know Your Options
If your homeowners’ insurance does not cover foundation problems, options are still available to help you cover the costs of repairs. You may be able to finance the repairs through a home equity loan or line of credit.
You can also talk to your contractor about payment plans or other financing options that may be available. In some cases, government grants may be available to help with the cost of foundation repairs. Foundation repair can be costly and time-consuming, but fixing the problem as soon as possible is crucial to avoid further damage to your home.
To understand all your foundation repair options, call us today. We’ll inspect your foundation and walk you through the possible solutions free of charge.