When mother nature comes knocking… you’ll be glad you invested in a home insurance plan. Does this mean your foundation is insured structurally if you simply have home insurance coverage? The quick answer is no. What if you’re insurance includes a water damage clause? Unfortunately the answer is no again. It is too vague of a claim to come to the conclusion that you are covered for all foundation related repairs.
What Does Your Home Insurance Plan Include?
So what should you do before or after calling your local foundation expert? Calling your insurance company and asking for a detailed explanation of your current coverage plan is a must. Even if you think you are not covered, why not create the scenario and have them confirm the coverage you may or may not have (it will only cost you 20 minutes of your time). In which case you may find out there is a small fee to make the insurance claim or you may possibly have partial coverage etc…
What If My Foundation Is Covered For Water Damages?
If you are covered for water damages you need to know to what extent, and if there are any limitations/exceptions in your coverage. Unfortunately your water damage may only be covered from roof related issues. For example on our first home I realized that we were covered for “any” water related damages, well that’s how I read it… We misunderstood the water damage scenario as we were only covered if water damages occurred due to water penetrating through the roof of the home. The basement was only insured for personal belongings, wood flooring, furniture etc… Any water damages effecting the foundation and structure of the home were not covered for repairs, along with any water related damages due to incoming city piping.
Foundation Maintenance – I Have Insurance No Need?
Upkeep and maintenance is also a key component in your insurance plan. If you are experiencing a minor foundation crack that is left unattended, allowing water to penetrate through the walls of your basement, you may not be covered. Negligence can play a role in your coverage, reducing the amount you can claim to your insurance company. As a result it is important to have any foundation concern inspected by a foundation expert to review the need for a repair, saving you thousands of dollars in potential damages.
We learned a simple lesson from this experience, ask your insurance company to fully explain and provide examples for each topic of coverage. The question “will my home insurance plan cover my foundation repair” is not a topic that can be answered easily with a yes or no response; there are a lot of grey areas. And to make matters even more complicated the grey arears are different with each insurance company. As a result the best plan of action is to proactively inquire with your home insurance company and make sure the plan you currently have best fits your family’s needs.
The below articles will help you assess your home's foundation;
- Three Common Causes for Foundation Cracks and Leaking Basements
- Top Ten Foundation Repair Warning Signs
- Five Ways Water Can Have an Effect On Your Foundation