Is Foundation Repair Covered By Insurance?
If you are replacing your foundation, and plan to do so soon, be sure to read this article to understand whether your home is covered by insurance or not. When you replace your foundation, you are actually replacing a piece of material that supports the entire structure of your home. While the foundation may be the most important part of your home, there are a number of other components that are critical for your home to remain functional.
When you are searching for an architect or builder to install the foundation for your home, you should not assume that the rest of the structure will always function as it should. No matter how good your home is built, if the foundation is bad, you can end up with water seeping into your home or even worse, leaks. This is why it is imperative that you know what your insurance policy covers and does not cover, as well as the process of obtaining replacement insurance for your home.
The good news is that if you think your home is covered, then it will probably be covered. You have probably heard about insurance policies that cover your house, but if you have one, then it will usually cover the structure. It will also provide coverage for the contents in your home. For example, if you own a boat, or you’re building a boat shed, the policy will usually include this as well.
What you will need to do is find out if your insurance policy will actually cover repairs. Typically, your insurance company will only cover certain repairs, and not others. Your insurance company may cover your basement foundation, if you live in a wet climate. However, your insurance may not cover the repair of the foundation.
Coverage for a foundation can be purchased with your home owner’s policy, and often times, they will include a home improvement plan or homeowners’ policy, which could also include flood or earthquake coverage. Be sure to check your policy for information about these areas, and about home improvements, as well. You will also need to find out if there are any special exclusions. For example, if you live in an area that is prone to flooding, or is prone to earthquakes, then you may not be able to get coverage for foundation repairs, because the coverage is going to be based on the physical structure of your home.
Finally, once you are sure that your insurance policy is going to cover the repairs, you will need to make sure that you are getting the right insurance for the work. In some cases, you may need to get an expert estimate, and pay extra. That is why it is always a good idea to seek the advice of an insurance agent, if you are unsure of what type of coverage you will need.
Make sure that you ask your insurance agent about the insurance policy, before you begin the work. It is important to take care of the issue right away, so that you do not miss out on any future coverage for repairs. If you are replacing your foundation, make sure that you are insured.
Originally posted 2020-01-27 08:07:54.