Paying for Foundation Repairs
Home repairs are not always easy or cheap, especially when the problem is your foundation. Even if you have homeowner’s insurance, the necessary damage repairs may not be covered. This could leave you paying a hefty bill in order to remedy any foundation problems that may have occurred.
Why Foundation Problems Occur
There are a number of different reasons why a home may encounter foundation problems. One of the big reasons that foundation damage may occur is due to changes in the ground where your foundation sits. Over time, varying weather conditions can cause the dirt to shift, which can leave voids under your foundation, and can cause it to begin cracking under the lack of support. Tree roots also can force their way under your foundation and force it up, which can also lead to the formation of cracks.
While these problems can start off small, if left untreated, these cracks can spread from the floors to your walls and ceiling, which can lead to you needing to spend even more on home repairs to put it back together.
Will Your Insurance Cover Repairs?
So, you learned you need a foundation repair. That can be a little daunting, especially when you start looking at all the various costs involved. But, before you begin to panic, it is important to see what kind of help you may be able to get from your home insurance. In most cases, they are only going to help with more major repairs; so smaller cracks and foundation issues will be left for you to handle.
You also want to check exactly what sort of coverage you have. In some cases, you may have what is sometimes called Earth Moment Coverage, which can protect your foundation from damage caused by shifting soils.
Another good one to consider investing in, especially if you live in an are that receives a lot of rain, is flood insurance. This type of insurance will help protect your home and foundation from any major water damage that may occur.
For people who live in places like Florida, where sinkholes are fairly common, you should consider getting Ground Cover Collapse coverage.
If you are not entirely sure what you homeowner’s insurance will actually cover when it comes to foundation repairs, be sure to call the company and have them clarify the kind of coverage that you have.
Paying for Your Repairs
As mentioned before, foundation repairs can be fairly costly, depending on the severity of the situation. Maybe you are lucky and your insurance provides you with some financial help in getting the repairs done. But, if they do not there are countless ways that you can pay for your foundation repairs. If you are looking to pay all at once, which can be less expensive in the long run, then you can use cash or check.
If that is not an ideal option, you also have the option of taking advantage of your home’s equity to help pay for the repairs. Otherwise, there are also credit cards and personal loans which can be used to cover repair costs. A final option is to talk to the company you are working with, and see what kind of payment options that they may offer; you may be able to break your costs into smaller, monthly payments.
While foundation repairs are a major expense most would rather avoid, it is something that should never be ignored. Doing so can lead to bigger and most costly problems in the long run, and can even put you and your family in danger. So, it is important that you learn what sort of repairs are covered by your insurance, and that you consider all your payment options.