Tuesday, March 10th, 2020
Imagine this: you come home from a long day at work and something in your home smells off. You head down into the basement and you see it: standing water pooled around one of the corners of your basement.
Your instinct may be to panic, but you don’t have to. Basement leaks are a pain to deal with, but more often than not, you can reach out for help. Your homeowner’s insurance may be able to cover some of the cost of repairs, depending on what kind of leak you’re dealing with.
While everyone’s homeowner’s insurance is different, let’s take a look at some of the leaks that insurance providers tend to cover and which ones you may have to deal with on your own.
It can feel like basement leaks appear out of nowhere, but this isn’t actually the case. Most basement leaks are the result of long-term hydrostatic pressure build-up. That kind of pressure puts both your basement and your foundation under significant stress. Most homes are unable to withstand that pressure in the long term and instead will crack to try and accommodate it.
Other reasons your basement may begin to leak include:
When, though, can you reach out to your homeowner’s insurance provider for help repairing a leak? More often than not, your insurance provider will honor claims regarding the following leaks:
Most insurance providers are going to recommend that, if a broken appliance or piping job is still under warranty, you reach out to the appropriate contractor or business for a replacement. However, if your product breaks outside of its warranty, you may be able to rely on your homeowner’s insurance to provide you with the funds for a replacement. Not only that, but most homeowner’s insurance coverage will help you attend to any internal damage caused by your leak.
You may have noticed that most of the leaks in the previous section were internal leaks. Homeowner’s insurance will vary, based on the provider you’re working with, but it’s easier for a claim regarding internal leaks to be accepted than a claim for external leaks.
With that in mind, most providers operating out of Colorado Springs, CO, will reject claims regarding:
Determining whether or not your leak qualifies for coverage can be a stressful experience. However, it’s always better to reach out to a local contractor than it is to wait for your leak to disappear. The longer you wait to treat a leak, the more severe it’s going to get.
If you’re trying to save money while dealing with a leak, make your financial situation known to your contractor. Most of the time, the initial inspection your home undergoes will be free, and you can agree to a payment plan that’ll lower your costs over time.
Above all else, don’t lose your basement to a leak. Reach out for expert advice and assistance as soon as you can.