Another scenario that can cause foundation problems is an accidental fire. If your home has been damaged by a fire, your insurance may cover foundation repairs. A plumbing leak is also a common cause of foundation problems. Your insurance company may also cover these repairs under a special endorsement. However, you need to remember that some homeowners insurance policies don’t cover damage caused by a plumbing leak.
In some cases, foundation repairs are covered by the policy of a new home. This insurance covers damage to the foundation and other key load-bearing components of the home. In some cases, a home warranty will cover foundation repairs as well. However, there are limits to this coverage, so it is a good idea to contact your insurance agent before purchasing your new home. If your home insurance doesn’t cover foundation repairs, you may have to find another insurance plan. Learn more here.
In the event that your foundation is damaged, it can cause your home to collapse. Your homeowners insurance policy should cover foundation repairs, if they’re necessary. However, a typical policy only covers major events. It doesn’t cover damage to the foundation caused by neglect. However, your policy may cover repairs for obvious damage, such as cracks or settling. The best way to determine if your insurance policy covers foundation damage is to read your policy and see if foundation repairs are covered.
Foundation repair is a major expense and can easily cost thousands of dollars. Homeowners insurance will likely cover foundation damage if it’s caused by a covered peril. Typically, a homeowner’s insurance policy will cover repairs for the rest of the home, but there are some limits. It’s best to select the maximum limit for your dwelling coverage so you can rebuild your home in full. So, it’s important to choose an adequate coverage limit for foundation repairs.
While your home insurance policy will cover foundation damage caused by natural disasters, it won’t cover foundation damage caused by your negligence. Natural events such as heavy rain, droughts, and erosion may cause your soil to shift and cause structural problems. In addition, foundation issues may occur due to natural settling. However, it’s important to have your home insured to protect your investment. If you’re unsure about your policy’s coverage, consider speaking with an insurance agent.
Once you’ve found out what caused your foundation issues, contact your home insurer. They will arrange for an adjuster to come out and assess the damage. Once they’ve reviewed the final report, they’ll provide you with a check for the repair costs. The cost of a foundation repair can range from $2,100 to $7,500, depending on the extent of damage and how complicated the repairs are. View the next article.