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Unfortunately, if you have foundation problems, a call to your insurance agent will likely lead to disappoint only to discover they do not cover home foundation repair cost. The key concept behind most insurance coverage is that it covers sudden and accidental losses from theft, flood or fire damage. Because foundation damage occurs due to soil conditions or lateral water pressure, neither can be classified as sudden or accidental.
While it is one of the most expensive repairs homeowners will face, the majority of insurance companies will not cover it. They classify it as avoidable damage with regular home maintenance.
Adding Endorsements to Your Insurance Policy
Is foundation repair covered by insurance? In most cases, you will not have coverage, and if the company does offer coverage, it will normally be very limited. However, one of the ways that you can insure against damage would be to purchase endorsements that add coverage to your policy. You cannot find an endorsement specific to foundation repair, but you can search for endorsements that cover specific perils. For example, if you add an endorsement related to sewers and drains and a sewer problem damages your foundation, the endorsement will often cover it.
The Perils Covered for Foundation Repairs
A lot of insurance providers offer a Dwelling Foundation clause that you can add to your policy. Keep in mind, however, that the perils will be limited to things like burst pipes and water seepage. Every company will cover different types of perils, so you should acquaint yourself with the policy. Typically, earthquake and flood damage will be excluded from a standard policy, and you will have to purchase coverage separately.
What Can You Do if a Company Denies Your Claim?
If you bought an endorsement or a policy rider and your insurance company denies your claim, you can speak with the Arizona Department of Insurance at 602-364-2499. They investigate companies that have failed to honor a legitimate claim, and they will enforce the laws surrounding the insurance industry. A lot of these offices can also help you with finding a method of covering foundation repair.
How Can You Cover Foundation Repair without Insurance?
Unfortunately, waiting to make the repair is not an option. Here at ConcreteRepairman.com, we never recommend waiting because the expenses can accumulate into worse repairs. To finance a repair, you can conduct a cash-out refinance, which uses a second mortgage or a home equity line of credit. In some cases, the interest on the loan will be tax deductible. Sometimes, contractors offer their own financing plans to cover the repairs of a foundation to reduce the upfront cost. Many have a low-interest rate and a zero down payment option.
Your home’s foundation supports one of the biggest investments that you will ever make. You want to take the right steps to protect it, and if you notice a developing crack in your foundation, resolve the issue with maintenance from ConcreteRepairman.com before it gets out of control.