Considering that foundation repairs can cost as much as $15,000, you hope that home insurance covers it. However, the sad truth is that because damage to your home's foundation happens over time, most insurance policies will not cover one of the most expensive home repairs. Whether your policy will cover the issue depends on how the damage takes place and each policy will differ. For example, if a tornado devastates your home and requires rebuilding, the reconstruction of the home could include the foundation as part of the dwelling cover.
When a home insurance company may deny your coverage includes when flooding or earthquakes take place. If either of these disasters has damaged your home's foundation, you will need a separate insurance for earthquakes and flood insurance to cover it. The biggest problem with this expensive repair is that, in general, homeowner's insurance will not cover wear and tear. Because the slightest shift in the soil can cause cracks to your foundation, a lot of homeowners insurance companies do not accept this as a claim.
Before you buy a home, we cannot stress enough that you need a foundation repair inspector to look at the home. Most of the time, you will have a home inspector look at the house, but the problem is that a home inspector is not a specialist, and they will not see anything that is not blatantly obvious. The time to spot issues with the foundation is before you buy a home because you do not have to resign yourself to years of headaches.
Most of the time, damage to the foundation will not be covered by your policy. That means that if issues occur, you will have to pay for the expenses out of pocket. A structural engineer will give a video report that details the causes of the damage. You want to check with your home insurance provider in advance to see if they will cover damage a foundation and how they will cover it.
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