Having a homeowners insurance policy can go a long way in protecting your home from unfortunate catastrophic events. Without adequate coverage in place, such events can place a huge strain on your finances. However, a home insurance policy does not cover every possible source of damage. For instance, a typical homeowners insurance policy does not cover all causes of foundation damage.
In this article, we will examine scenarios that are covered by your homeowners insurance and those that are not. We will also look at what you can do when your homeowners insurance does not cover your foundation damage.
Read on to learn more.
When Is Your House Foundation Covered by Home Insurance?
The first thing to note is that homeowners insurance companies cover all damages they consider to be of little risk. Because of this, they often reject damages that they consider too risky.
In other words, there are two types of risk events for homeowners insurance.
The first type is the damages your insurer accepts as part of your homeowners insurance policy. Consequently, they will cover the repairs.
The events that fall into this category are:
- Fire or lightning
- Damages caused by aircrafts
- Civil disturbances
- Falling objects
- Vandalism
- Water damage from an overflow in your AC, heating, or plumbing system
- Explosions
- Windstorms
- Volcanic eruptions
The second type of event is those that the typical insurer doesn’t cover under a homeowners insurance policy. These include:
- Flood
- Earthquakes
- Faulty construction
- Sinking, natural settling, bulging, or expansion of the foundation
What to Do When Your Foundation Damage Is Not Covered by the Homeowners Insurance?
To begin with, you can pay for the repair out-of-pocket. However, that will probably be expensive. Foundation damages are especially expensive to repair. Fortunately, there are other options you can consider first. With them, you can avoid paying for the repair of your home’s foundation from your own pocket.
- First, see if you can prove that the damage is caused by the first type of event – those that your insurer accepts. For instance, your home can experience a shifted foundation caused by expanding soil. Your insurer would normally refuse to cover this. However, if you can prove that the expanding soil was caused by an event they cover, like internal flooding, you might be able to get them to pay for the repair. By the way, to identify the real cause of your foundation damage, we recommend hiring a foundation specialist.
- Second, purchase a separate policy that covers foundation damage due to earthquakes or floods. With such a policy, your insurer will have no choice but to pay for your foundation repair if either of these two events cause it.
No insurer will cover damages that were avoidable in the first place, which is why you need to be a responsible homeowner. Drain your soil if your house is situated in an area with lots of moisture. And if your area is dry, wet your soil regularly. Also, keep an eye out for signs of foundation damage. If you can recognize it early, you can prevent it from becoming a major issue.
In conclusion, homeowners insurance may cover house foundation repairs depending on the type of event that caused the damage. If you need more information on insurance coverage for foundation damages, talk to us at ISU-Wissink Insurance in Culver City, California today! We are ready to assist you with all your coverage needs.