Homeowners Insurance Cover Foundation Repairs?

Homeowners Insurance will cover foundation repair cost if they are done by a licensed and bonded contractors. Repairs made by non-licensed or bonded contractors can result in additional expenses for the buyer. In some cases, the additional costs will be higher than the actual cost of the repair. Therefore, buyers should do their homework before they contract with any contractors.

When homeowners find out that they need to make repairs, many ask what is covered. Some individuals think that they are covered for damages if it is not their house that gets damaged. However, in the case of a sinking foundation, the home is not the only building that suffers damages. The foundation can also damage the surrounding buildings, causing devaluation of the property. This means that homeowners who call in the professionals must pay for damage to the surrounding properties as well.

What are some examples of common foundation issues? Sanding is often required when repairing foundation cracks. Homeowners can hire contractors to remove the sand from around the foundation while the repairs take place. Homeowners may have to pay an additional fee for the removal of the sand, since it will be assessed as a part of the repair costs.

What should buyers consider when it comes to the issue of past foundation repairs? Homeowners should research any contractors that they may be considering for their home. There are important questions buyers should research to determine the experience of the contractors they plan to hire. The best way to start is to ask friends and relatives for referrals of good contractors they have worked with in the past. For instance, if a friend has gotten a great deal on foundation repair work, the contractor should be considered if the work was satisfactory. Additionally, people who have recently had foundation repair work performed on their homes are likely to recommend that particular business to others.

Homeowner’s insurance cover foundation repairs because of a number of reasons. One reason is because many damage incidents occur below the house, causing foundation damage that is often not covered by standard home insurance policies. Another reason is because poor drainage is a common cause of foundation damage. Poor drainage causes rainwater to splash or spill onto the home’s surfaces, creating foundation damage. A good contractor can repair this damage.

If the home is already older than 15 years, the majority of foundation issues will not require repairs, according to the American Society for Testing and Materials (ASTM). Foundation issues that are more than fifteen years old need to be evaluated for removal, replacement, or repair. However, there are instances where repairs may be required. For example, seepage can occur below the house as a result of age or improper construction.

Homeowners insurance companies typically do not include basement or crawl space foundation repairs in homeowners insurance packages. Foundation cracks, holes, and other issues that affect the foundation need to be sealed. A basement or crawl space seepage can be very hazardous, especially when sewage or chemicals come into contact with the soil. An example of a seepage could be sewage backing up into a basement and filling the air with cancer-causing gases.

Typical contractors quote homeowners about one hundred dollars per foot for foundation repair services. Some contractors quote even less but are usually experienced contractors who have a great deal of experience sealing and repairing foundation problems. A simple solution can save the homeowner hundreds of dollars on typical repair costs. This simple solution is to cover the cost of the service out-of-pocket.

Many homeowners want to make repairs themselves because they are afraid that a company will mark the cost of the service up to make a profit from the service. Unfortunately, this is often how contractors make their money. If a homeowner quotes a company and the estimate is more than they can afford, they simply take the money and use it somewhere else. Without providing any type of benefit to the buyer, the company makes no profit. On the other hand, if the estimate is too low or the contractor does not charge a decent amount for labor, the buyer has nothing to lose and everything to gain.

Homeowner’s insurance cover foundation cracks, sagging walls, and other issues that have potential to cause excess foundation damage. The majority of damage caused by settling of the structure is not actually due to settling, but is due to the foundation settling causing cracks in the wall or flooring. Homeowners often try to solve their own foundation damage by cementing or planking over the damage. Unfortunately, cementing and planking only covers up the problem temporarily. Eventually the moisture will buildup behind the cemented surface and the structure will need to be remodeled from top to bottom. Homeowners who do not learn to properly repair foundation damage caused by settling do not make the necessary repairs, which will ultimately cost them more in the long run.

Home buyers should also learn how to do a foundation inspection on their own. With a simple inspection, they can see if the foundation is level and free of damages. By learning how to do a foundation inspection, the potential to save money on the homeowner’s insurance premium can become a reality. If the damage caused by settling cannot be repaired, then it is time to contact a structural engineer that will determine the best course of action.