Damage to the foundation of a property is something that luckily doesn’t happen all that often. However, when it does happen, it can be very costly to repair and also extremely inconvenient for you and your family. One thing that makes life easier when things go wrong is if your foundation repair is covered by insurance, which it can be depending on your policy.
As with anything, you can claim for foundation repairs as long as whatever has caused the damage is listed in your insurance policy. Most home insurance policies will cover unexpected and unforeseeable issues that damage or destroy your home such fire damage, water damage from a burst or leaking pipe, flooding, or something like damage from a tree falling. It’s a good idea to become familiar with your insurance policy, so you know what is covered and what isn’t. This will ensure that you’re not disappointed should an accident happen and you find out you’re not covered – although you’ll still likely be disappointed, it’s good to be prepared and know what you can claim for and what you can’t.
When it comes to foundation repair, it’s a tricky one because usually insurance companies will refuse to cover repairs when the damage has been done by what they deem ‘preventable risks’ damage that has been caused from termites and vermin, faulty construction or poor planning, pre-existing damage and normal wear and tear. Insurance companies won’t usually cover in these circumstances as they will probably argue that they could have been prevented, for example, any pre-existing damage could have been noticed before you bought the property, or other damage could have been prevented if you had been more proactive. It can seem really harsh, especially when you’re going through a rough time and don’t need added pressure, but what it does mean is that it is incredibly important for you to do your due diligence before you buy a property and read, read and read your insurance policy once more, check the small print and leave no stone unturned when inspecting the property and your policy.
It’s also a very good incentive to look after your house, keep on top of small issues as and when they happen, be proactive and keep your place in the best condition you can.
If you find yourself in the unfortunate position whereby your insurance doesn’t cover the cost of your foundation repairs, then you will have to pay for it yourself. However, it is a good idea to get a second opinion before you start repairs, speak to a foundation specialist as well as a financial ombudsman. If you are able to prove that the damage was caused by an insured risk, then you may be able to appeal against your insurance provider and reverse their decision.
If you’re not sure if your foundations are in good condition or not, then it’s a good idea to get a survey and them checked out. A structural engineer will be able to tell you if your home’s foundation is at risk. This way, you can be one step ahead and deal with small problems before they get worse. You can also make sure you have the right and best insurance policy for your needs.
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