Fun Fact: A study of North Texas foundation repair companies found that their average life was only 4.5 years.
Remember, you get what you pay for. If a company lasts only 4.5 years, then your lifetime warranty is for the life of the company, not the life of your home!
The original “lifetime warranty” for foundation repair was offered by Perma-Pile. Perma-Pile advertised that their home warranty foundation was backed by cash in the bank. When Perma-Pile declared bankruptcy, they went away and so did their cash in the bank. Tens of thousands of warranties issued by Perma-Pile are now worthless.
If your home warranty foundation repair comes with a lifetime warranty, ask to see the warranty in writing before you sign the contract. Watch out for special conditions and limitations.
- You must provide a plumbing static test in order to get or keep your warranty
- Your warranty becomes void if you have plumbing leaks
- Your warranty becomes void if you build a swimming pool
The more conditions a company has in its warranty the more ways there are for your warranty claim to be denied.
Some companies advertise that their home warranty foundation repairs are backed by insurance polices. Such polices are limited to 10 years and always have a maximum payout, which is typically $10,000.
The best warranties are backed by third party entities, such as The Texas Foundation Warranty Trust. The Texas Foundation Warranty Trust will step in for the companies that it backs. If the company dies, the Texas foundation Warranty Trust will assume the warranty obligations.