If you own a home in North Carolina, you may wonder if your homeowner’s insurance policy covers foundation repair. The answer is that it depends. Homeowner’s insurance covers your faulty foundation when a covered peril, such as fire, windstorm, vandalism, or falling objects, causes it. However, foundation repair is not covered by homeowner’s insurance when excluding perils, such as earthquakes, floods, poor construction, natural settling, or tree root pressure cause it.
According to Policygenius, some of the common perils that are covered by most homeowner’s insurance policies are:
If any of these perils damage your foundation, file a claim with your insurance company. This covers the repairs up to your coverage limits, minus your deductible. Provide evidence of damage that was caused by a sudden and accidental event, not by gradual deterioration or negligence.
U.S. News notes some of the common perils that are not covered by most homeowner’s insurance policies are:
If any of these perils damage your foundation, you must pay for the repairs out of your pocket. Homeowner’s insurance does not cover these perils because they are considered too risky, predictable, or preventable. However, you may be able to purchase additional coverage or separate policies for some of these perils, such as earthquakes and floods.
The amount that your insurance company will pay for foundation repairs relies on several factors, such as:
According to Carolina Foundation Solutions, the average foundation repair cost in North Carolina ranges from $2,000 to $10,000. The expense of foundation repair can vary widely given the specific situation and the repair method. Some of the standard techniques of foundation repair are:
Before you file a claim for foundation repair with your insurance company, you should get a professional inspection and estimate from a reputable foundation contractor. They can help you determine the cause and extent of the damage, as well as the best method and cost of repair. You should also review your policy carefully and contact your agent or adjuster to discuss your coverage options and limitations. Contact Atlantic Foundation for a free consultation for homeowners in Eastern North Carolina.