Unfortunately, if you have foundation problems, a call to your insurance agent will likely lead to disappointment, as you will discover that they do not cover home foundation repair costs. 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.
Homeowners Insurance
While it is one of the most expensive repairs homeowners will face, most insurance companies will not cover it. They classify it as avoidable damage that can be prevented with regular home maintenance.
Adding Endorsements to Your Insurance Policy
Does insurance cover foundation repair? 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, it will often cover it.
The Perils Covered for Foundation Repairs
Many insurance providers offer a Dwelling Foundation clause to add to your policy. However, remember that the perils will be limited to things like burst pipes and water seepage. Every company will cover different perils, so you should acquaint yourself with the policy. Typically, earthquake and flood damage will be excluded from a standard policy, and you must 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. Many of these offices can also help you find a method of covering foundation repair.
How Can You Cover Foundation Repair without Insurance?
Unfortunately, waiting for repair is not an option. 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 using 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 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.
Our experts will take the right steps to protect your home from further damage. Call now!
Owner of Concrete Repairman LLC, James is a third-generation master concrete finisher with extensive experience in concrete repair, commercial and residential concrete installs, polished concrete, acrylic coatings, and epoxies, including quartz and trowel-down epoxy coatings, Urethane mortars, concrete polishing, and foundation inspections.
James also teaches high school and college students how to confidently finish concrete through several distributors nationwide. Television appearances in “The Concrete Cowboy” in Phoenix, Arizona. James is skilled in the art of finishing concrete and has 30 years of hands-on experience.
Concrete Repairman LLC. Roc 300512
Licensed-Bonded-Insured Contractors of Arizona.
