While some basement and foundation repair factors may be covered in your homeowner’s insurance, others may not.
Review Your Homeowner’s Policy
What repairs are covered is dependent on the homeowner’s policy you chose. Before choosing a homeowner’s policy, understand what is and is not covered and how that coverage works. Most homeowner’s insurance covers the structure of the house at what is known as replacement cost. This means that if a covered event damages your basement or foundation, your insurance will cover the cost of repair without depreciation being factored into reimbursement.
Always contact your insurance agent with questions about your coverage and policy before damage occurs. It’s good practice to check with your carrier to see what they do and do not cover under certain circumstances and update if needed.
When Repair May Be Covered
Repair of your basement or foundation may be covered in an event such as:
- Damage caused by vehicles
- Fallen trees
- Water damage from plumbing for HVAC
In these cases, your insurance should help pay for damages.
When Repair May Not Be Covered
On the other hand, damage that happens over time, like settling, is typically not covered by insurance. Preventable issues like getting a crack in the basement or foundation fixed are often not covered, as it was your duty of care as a homeowner.
Remember that damages via sources like sewer or basement drain failures, flooding, and earthquakes aren’t covered by home insurance and are coverage that needs to be purchased separately.
How To File A Claim For Foundation Or Basement Damage
Before submitting a claim for damage, you need to be as thorough as possible in your report. That means:
- Taking photos and videos of the damage. This will make it easier to prove your case and get reimbursement for repairs.
- Informing your insurance company as soon as possible. After documenting the damage, the next step is to call your insurance agent. The sooner you do, the sooner the repair process can begin.
- Begin filling out claim forms. If your claim is covered, complete and submit claims forms to your agent so they can begin to resolve it. Many insurance companies now let you do this online.
Be aware that your insurance company may send a claims adjuster to your home to assess the damage and confirm the details of your claim. This is a normal part of the process. Once that is done, you should hire a reputable independent contractor like Missouri Basement to survey the damage and give a repair cost estimate.
Prevention Is The Best Medicine
To prevent damage to your foundation and basement, prevention is the best medicine. Get your basement regularly inspected by the professionals at Missouri Basement to catch problems before they have time to become an expensive repair.