Home insurance helps protect you when a devastating event leaves your home damaged or uninhabitable. Above all, you can’t have a home without a foundation, and if your foundation is damaged, you’d have to shoulder the financial burden if you’re not protected. Home insurance mitigates this issue, but there are some things to consider before filing a claim.
How Does Home Insurance Coverage Work?
Home insurance typically offers up to $250,000 in coverage. Foundation repairs usually cost no more than $100,000. With home insurance, this means you likely won’t have any out-of-pocket costs.
When Does Coverage Apply?
Home insurance applies coverage in specific scenarios. How damage happens is just as important as the damage itself. Coverage is more likely when the damage is caused by something rare, sudden, and unexpected.
Fires, riots, tornadoes, explosions, vandalism, falling objects, and collapsing induced by heavy snow are examples of what most standard homeowners insurance policies cover.
When Would My Home Insurance Not Cover Foundation Repair?
You won’t get coverage for foundation repair if your insurer deems that your foundation damage was due to negligence, poor construction, natural wear and tear, or a higher probability of a natural event (such as earthquakes and floods).
You won’t be covered in these instances because the damage was either preventable or because the type of damage requires a separate insurance policy.
How Can I Avoid Having To Cover Repair Costs?
You do have options. First, you can convince the insurance company to cover the damage. This is encouraged in a situation where you can argue that the damage was caused by an event that your policy covers. For example – if your foundation incurred water damage initially attributed to flooding when it was actually due to burst pipes, you can hire a contractor to evaluate and confirm your claim. At this point, your insurer would award you coverage.
You can also get home repairs for issues that could potentially lead to a damaged foundation. Prevention is better than a cure, and this approach is no different. This is also useful to keep in mind if you are looking to purchase a new home because you can get assessments and determine whether the prospective home will have issues leading to foundation damage.
Lastly, you can purchase separate insurance designed for the type of damage your policy doesn’t cover. Flood and earthquake insurance, for example, will reimburse you when your standard homeowners policy falls short. If you live in an area prone to these events, it is encouraged to purchase additional policies.
Your Coverage Begins Here
At Secure Insurance Group, we will help you get the policy you need and deserve. With our help, you’ll have affordable home insurance best suited for your needs and concerns. Call us today at (417) 883-9300 or toll-free at 1-877-871-7328 for more information.
