Most people that have a house built on a foundation have a fairly complicated set of questions about whether or not their house is covered by insurance. This is particularly true if the homeowner has built the home themselves, but can be true for many, many other types of homes as well. The first thing to keep in mind is that not all insurance policies cover foundation repair.
In general, home owners will have coverage under their homeowner’s insurance policy. However, this coverage is designed to protect against major losses, including a fire or natural disaster, and it only covers the actual construction of the house, not the home itself. Even if the house was built by an architect, and the home was constructed to withstand major disasters such as earthquakes, fires, floods, and other storms, there would be no coverage to replace the home. Homeowners with homes constructed with no special methods will only be covered for earthquake damage.
Sometimes insurance companies don’t cover foundation repair because the structure is a box-type house. In these cases, the homeowner would need to get compensation from the insurance company that insured the structure. This could be as simple as getting the company to make a minimum payment for the work done, or as complex as filing a lawsuit.
There are some exceptions to this, however. A house built from pre-construction plans, for example, does not have to have insurance coverage for the foundation and will usually not have to be replaced.
Typical insurance companies that sell home insurance often will consider insurance policies against foundations. These policies are generally the same as your homeowners’ insurance, and they cover damage to the structure. You just need to look into the policy thoroughly and compare it to your current homeowner’s insurance to make sure that you are getting the best coverage.
There are other policies out there, however, that give coverage for work done on a house that is built after a policy is purchased, and it might be possible to have coverage for foundation repair even if the home is covered by homeowner’s insurance. Many of these policies can be tailored to cover any work that is needed to make repairs to the foundation.
Usually, it is also possible to have insurance coverage for any kind of work that was done on the house before it was built, so long as the foundation was not damaged. Sometimes, if the house was built using materials that were specifically made to last, it may still be covered. However, most of the time, the policies will not cover foundation repair because there is typically a lot of additional work involved.
Finding out the type of coverage that you have is sometimes more difficult than it sounds. With so many different policies, there is a lot of competition between insurance companies, and as a result, their premiums tend to be higher. It can be difficult to find out the coverage limits for your house, but the smart thing to do is to compare quotes online, where you can see all of the possible coverage options available to you.
Originally posted 2020-02-19 14:33:57.
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