Foundation Repair & Insurance
Foundation damage can come about in a number of ways. Perils such as earthquakes and tornadoes are obvious detriments to a home’s foundation. Unfortunately, there is nothing a homeowner can do to brace or prepare their home for something as serious as an earthquake or a tornado. For this reason, homeowners insurance will cover such perils. It depends on the policy, but most will read “sudden and direct” in regards to covered damage as a result of a peril.
Conversely, homeowners insurance is not so accepting of other causes of foundation damage. You hear the term “wear and tear” all the time in regards to insurance, no matter what the policy pertains to. Insurance companies see wear and tear as damages that occur over time. They expect these damages to either come naturally throughout the life of a home or auto, or they expect the owner to adequately maintain their commodity to avoid wear and tear.
Maintaining and monitoring the foundation of a home is a lot to ask for. We’re talking about the area which lies beneath your home…you can’t even see it! Two pieces of advice: hire a contractor to come to your home maybe once every year or two to inspect your foundation, or, if you see any foundation oddity, such as a small crack in your floor, act on it as quickly as possible by contacting a professional. It’s much better to handle the issue when it is first presented, rather than wait until it is too late. This approach has the potential to save a homeowner a ton of money.
In summary, the majority of insurance companies will not cover wear and tear to a home, including the foundation. Wear and tear is the most common cause of foundation issues. The ground beneath us moves. No one will notice it, but your home’s foundation will shift throughout its lifetime. It may not live to see a tornado (hopefully it won’t), but it will naturally shift. Your insurance may not cover it; however, there are a few possibilities in finding financial help for foundation damage.
Check your homeowner’s policy
Just in case, check the declarations page for your homeowner’s policy (should be the first page). You never know, your insurance company could cover foundation repair resulting in wear and tear, or at least some extent of it. It never hurts to look or to ask.
Your insurance company will not provide any additional, purchasable coverage that will directly cover foundation damage. Though, it may offer “dwelling insurance”. Dwelling insurance covers the rebuild or repair of a physical structure if it is damaged by a covered hazard. This could apply to damage caused by a burst water pipe or water seepage. You can speak to your insurance company about adding dwelling coverage to your policy and to obtain a quote. The coverage will not cover wear and tear, but it’s probably the best defense you can have against foundation damage when it comes to insurance.
Most new or newer homes come with a warranty. Therefore, it may behoove you to look up your warranty contractor to contact your home builder if damage occurs to your home’s foundation. Warranties can cover materials if the initial materials used were not up to standard. Additionally, a home warranty can cover structural defects. Be sure to read through your warranty contract if your home is under warranty.
You may not be able to get financial help from your insurance or from your home warranty, but don’t let that be a reason to ignore your foundation issues. If you have problems with your foundation, or if you’ve discovered a potential problem, contact a foundation expert. BFD Foundation Repairs can inspect your foundation and repair it if need be. We’ll complete a free estimate. estimate and the estimate will be precise and accurate in determining the cost of your foundation repairs.