You may think your homeowner’s insurance will cover damage to your building’s foundation. However, it’s a little bit more complicated than that. As a rule of thumb, your insurance policy will typically pay for the damage unless the contract expressly excludes it.
How Much Does Home Foundation Repair Cost?
The foundation is one of the critical parts of your house. Any impairment can severely endanger the people occupying, significantly if the damage impacts the building’s structural integrity.
According to a contractor, foundation repairs are assessed from ranges from 1 to 4. The costs can be as low as $300 for an ocular inspection to more than $50,000 for structural repair.
The risk factors for your home’s foundation include:
- Rainwater
- Flooding
- Faulty construction
- Plumbing problems
- Insufficient drainage
- Soil conditions
If you are not careful, the repair cost will seriously damage your budget, particularly if you have no extra money lying around to fix your foundation.
Will Your Insurance Cover the Repair?
Your homeowner’s insurance policy outlines all the supervening events it will cover if your foundation sustains damage. There should be no room for confusion because your agent has likely explained these conditions to you. Regardless, you can always turn to your contract to avoid filing an ineligible claim.
Generally, you can file for reimbursement for foundation repair in case of damage brought about by the following events:
- Fire
- Strong winds and storm
- Vehicular-related damage
- Snow damage
- Falling objects
- Plumbing-related damage
However, it’s still best to review your policy with your agent to avoid misunderstandings.
With that said, you might be surprised if the insurance company rejects your claim. The company is not being dishonest.
For example, your insurance company may reject your claim if the following events cause the foundation damage:
- Earthquake
- Flooding
- Substandard construction
- Foundation expansion
- Natural cracking, bulging or shrinking as the foundation settles
- Damage from tree roots
Your insurance company will also not reimburse you if your home foundation’s damage is due to poor maintenance. But, of course, your house’s upkeep is your responsibility.
If you allow a mature tree’s roots to creep into your house and destroy its foundations, you won’t likely get any sympathy from your insurer.
Talk to Your Insurer If You Need to File a Claim
It’s recommended to work with a contractor accredited by your carrier. Most insurance companies have partner home improvement experts to fast-track the process.
In most cases, the insurance company will contact the contractor directly, so you don’t have to lift a finger. The contractor will also help make an independent assessment of the cause and severity of the damage. The contractor’s report is crucial to whether or not you can successfully make an insurance claim.
Meanwhile, you can call us to fix your foundation for you. We leverage our cutting-edge tools and years of experience to repair or reinforce your foundation and ensure your loved ones are safe. Contact structural experts at our hotline #250 300 4950 or email us at info@atlaspiling.ca for your inquiries or pricing requests.
