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Home foundation insurance is a must for those who live in older homes. It is also recommended for those who live in new homes; however, it may not be absolutely essential.
Why You Need Foundation Insurance
Foundation problems or damage to a home’s foundation may occur at any time. Having insurance in place protects the home owner from having to pay for the cost of the foundation damage, or in some cases, the cost of a new foundation.
Some homeowners insurance policies offer coverage for the home’s foundation, however, this is not a standard practice. The foundation repairs are typically covered only in the event that the foundation moves or shifts as a result of water damage stemming from the home’s plumbing system. For the most part, homeowners insurance does not cover the home’s foundation unless you purchase additional coverage for a monthly or yearly premium.
Foundation problems to the interior or exterior of the foundation are most likely caused by unstable settlement or upheaval.
How do you know when you have a foundation problem? You might start to see your floors shift, cracks forming in the concrete, fireplace or supporting walls, gapping above or below cabinets and uneven doors and window frames.
If any of these problems do arise, you may be eligible to make an insurance claim if you have the proper insurance policy in place.
Limitations of Foundation Insurance Coverage
You may not make a claim if the damage is cosmetic. For example, if cracking occurs in the foundation, you may only make a claim if these cracks interfere with the stability of the foundation, or cause problems in another area of your home.
To avoid paying for costly repairs, buy insurance for a home’s foundation. Purchase a policy with foundation coverage, or opt purchase it through an additional premium payment. Make sure you know and understand exactly what you are covered for.
Seek advice from a structural engineer if you have not purchased home foundation insurance before. Structural engineers will have experience in making foundation repair recommendations and should also be able to recommend you to a reputable insurance company in order to purchase insurance or handle any foreseeable claims.
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