Owning a home is a major expense. In addition to making mortgage payments, you will also want to have insurance so that you are covered in case something goes wrong.
But when getting insurance for your home, you will want to pay attention to that fine print as not everything that happens to your home will be covered. One thing that may not be covered is foundation repair. Read on to find out if you are likely to be reimbursed if this sort of damage occurs in your home.
Will My Homeowner’s Insurance Cover My Foundation Repair?
The terms of your insurance may vary depending on the state you live in, but many policies will not cover foundation repairs. Generally, the only instances when foundation repair might be covered is if damage is a result of other issues like broken plumbing. For example, if water leakage from broken plumbing is causing cracks in your foundation, you may be covered.
Should I Purchase Additional Coverage?
If you are in need of foundation repairs on your home, review your homeowner’s insurance policy. It’s possible that earthquake or flood insurance is included. If this is the case, your home may be covered if foundation damage occurred as a result of these natural disasters.
Earthquake and flood insurance can also be purchased in addition to basic homeowner’s insurance, but most homeowners will not go for this option unless they are required to.
Can I Fix My Home’s Foundation Myself?
If your home’s foundation has been damaged and you don’t have insurance that will cover your expenses, it may be tempting to repair it yourself. Many will try injecting epoxy resin to stair step cracks or cracks that are wider than ¼ inch. However, this only puts a band aid on the problem as it does not address the underlying issues that are responsible for the cracking.
Damage is usually due to excess water in the soil surrounding the home. If this is the case, you may need to have the area drained by a professional to reduce wetness.
In other instances, foundation damage can be due to excessive dryness in the soil. This can cause the property to sink or subside. If this is the case, stabilizing and supporting the foundation with concrete or steel piers will halt its movement. However, this is also work that is best performed by a professional and it can be quite costly.
If you are in the process of buying a new home, decide if your property is vulnerable to foundation damage and see what can be done to make sure you are covered if damage occurs. This can be an important step that will protect you in a worse case scenario.