July 5, 2023

Foundation Repair That Your Homeowner's Insurance Policy May Cover Parma, OH

If you're like many homeowners facing the need for foundation repair, you may be wondering how you will be able to afford repair on your foundation. It is true that repairs can be very costly. Postponing the repairs will only result in the foundation damage worsening. You will face even more expensive repairs as a result. It's therefore best to seek ways to finance the repairs before they get any worse. 

If you have invested in homeowners insurance, you may be in luck. Your homeowner's insurance may cover the foundation repair. Below, we discuss some of the types of damage that homeowner's insurance may cover the cost of repair for. foundation-repair-parma-oh-everdry-waterproofing-of-columbus-1

Perils Covered By Homeowner's Insurance Policies 

Foundation repair isn't typically covered by homeowner's insurance. That is unless the damage to the foundation is a result of a peril that is covered by your insurance policy. Below are some perils covered by standard homeowner's insurance policies that can cause damage to foundations. 

  1. Sudden or accidental water damage 
This may include burst pipes, plumbing leaks, rain storms and other sudden and unexpected water-related incidents. If the damage to your foundation is caused by these unexpected situations, you may be able to file a claim against your homeowner's insurance policy and it may cover all or part of your foundation repair costs. 
  1. Fire 
Fires can be devastating. They can cause tremendous damage to your foundation. If a fire breaks out in your home and results in foundation damage, your homeowners' insurance policy will most likely cover the cost of repairing your home and this will include the foundation. 
  1. Explosions 
Explosions can occur in the home as a result of various factors. For example, an explosion may occur as a result of a gas leak. When the explosion results in damage to your foundation your homeowner's insurance policy will most likely cover the cost of repairing the foundation. foundation-repair-parma-oh-everdry-waterproofing-of-columbus-2
  1. Vehicle collisions 
If a vehicle crashes into your home and causes damage to the foundation of your home, you may be able to recover compensation from your homeowner's insurance policy. 

What Does My Homeowner's Insurance Policy Cover?

The specific perils covered by homeowner's insurance policies vary from one policy to the next. It is therefore important to review the specifics of your homeowner's insurance policy when you're faced with the need for foundation repair. Pay particular attention to the perils covered and what your insurance provider will cover in the event that your home is affected by any of the perils listed. 

It is also important to pay attention to the section on personal liability. Not only does this section provide details on how homeowner's insurance can protect you from lawsuits in case of an accident on your property, but it also outlines costs covered by the insurance policy in the event that your home is uninhabitable in the event of damages caused by a peril covered by the insurance policy. For example, the insurance policy may cover the cost of a hotel room while foundation repair is being carried out on your home. 

Contact the Professionals at Everdry Waterproofing Of Columbus Today! (614) 850-5600