The foundation is one of the most critical parts of a building. If it falls apart or deteriorates, it can gravely affect the integrity of your structure. Earth movements and water are often to blame. Left unchecked, foundation cracks can eventually decrease the performance of your home and lower its value.
Due to the costs of repairing foundation cracks, most homeowners turn to their home insurance providers, hoping they’ll get a payout. But can they get funds for repairs? And what stance do insurers have toward foundation cracks?
What does homeowner’s insurance cover?
Home insurance policies rarely cover damage to foundations such as cracks. However, whether or not they will cover the cost depends on the root cause of the problem. Knowing what caused the cracks in your Denver, CO, home is vital for your safety.
Generally, standard home insurance provides coverage for events listed under your policy. If cracks form in your foundation, your insurer is obliged to cover the cost of repair. Take time to read and grasp the terms and limits of your home insurance policy before purchasing the coverage. This way, you will be able to get a policy that will help protect you and the foundation of your home.
What causes foundation cracks?
Insurers tend to cover sudden or unforeseen accidental damage. Events covered include:
- Falling objects like trees
- Burst pipes
- Volcanic eruption
If any of the above hazards cause cracks in your foundation, you can file a claim, and the insurer should pay for repairs.
Events not covered
Each home insurance policy is unique and has a list of exclusions. For instance, home insurance does not cover gradual foundation cracks. Such cracks often start small but are visible, whether the homeowner is aware of them or not. These can include;
- Flooding: Home insurance policies do not cover foundation damage due to overflowing water from ponds, creeks, or rivers. The same applies to floods caused by sewer backups or a water main break.
- Faulty construction: Home insurance neither covers damage caused by poor foundation constructions nor poor workmanship or the use of low-quality materials.
- Landslides: The standard homeowner’s insurance in Denver, CO, excludes landslides from its coverage.
Most home insurance providers won’t pay out for cracks attributed to the foregoing factors. This is because they deem such issues as preventable. Before you buy a new home, do your due diligence to ensure the house and foundation has no defects. Likewise, after moving into a home, you should proactively repair and maintain the house to keep it in good condition.
Overall, when looking at what your insurance covers, the reason for the damage is often more important than the actual damage. Get in touch with a professional contractor to assess the level of damage as well as help you determine its cause. This will help you know whether your insurer will provide coverage or not.
What to do if your foundation cracks are not covered
If your insurer does not cover the cracks on your foundation, you are only left with one option, and that’s to pay for repairs out of your pocket. Not carrying out foundation repairs is not an option either as it would hasten the deterioration of your home, compounding your problems. And more structural damage could eventually prove costly to repair. Contact a qualified and experienced foundation contractor in Denver, CO, to repair the damage.
Some contractors offer payment plans and financing options for foundation repairs. Find out whether your local contractor has such an arrangement and what terms apply. If you’re planning to sell your home, you can list it at a lower price. Whoever buys it will use the discount to carry out the repairs.
Repair and Protect Your Foundation with Expert Help
If you’d like to know more about our foundation repair services, schedule a free foundation repair inspection with our experts today. We work with you from start to finish to create a feasible foundation plan that keeps both your foundation healthy and finances in check.