When it comes to protecting your home, it’s important to understand exactly what your homeowner’s policy covers, and what it does not cover. Homeowner’s insurance helps protect you, your belongings, and your home from damage and/or loss caused by unexpected events.
A typical homeowner’s policy covers four key areas of potential loss:
- Dwelling – protects your home and other structures that are attached to it, like a garage or deck, if it becomes damaged by a covered event
- Other structures – sheds, barns, detached garages
- Personal property – protects what’s inside your home like clothing, furniture, electronics
- Liability – when a visitor is injured, or you accidentally damage someone else’s property
You will normally have some type of deductible to cover out of pocket before your policy coverage kicks in, and each coverage type has a maximum amount your insurance company will pay for a covered event. Homeowner’s insurance policies typically cover repairs for damage from events such as fire and smoke, water damage, lightning strikes, windstorms, hail, vandalism, falling objects, theft, explosion, damage from a vehicle or aircraft, and the weight of ice, snow, or sleet. Some types of foundation damage may be covered while many are not. Most policies also cover replacement costs as well as repairs to damaged property if your entire home is destroyed, but typically the contents of your household are only covered for part of the structure’s value.
Natural disasters are not generally covered by a basic home insurance policy if you live in a flood plain, along an active fault, or other high-risk area. You will probably need to purchase supplemental insurance to cover other unexpected events depending on where you live and if that type of supplemental insurance is available in your area. Exclusions vary from policy to policy, so be sure to read yours carefully to understand what is left out.
Here are some coverages that typically require a supplemental insurance policy:
- Hurricane damage
- Tornado damage
- Earthquake damage
- Natural ground settling (cracking, shrinking or expansion of foundation)
- Flooding from storms
- Defective Construction
Damage due to poor construction usually occurs gradually, over a period of time, and is therefore not covered under your homeowner’s policy, which is written to cover sudden and accidental losses caused by unexpected events. If your home experiences damage causing foundation repair resulting from poor workmanship, your builder may be responsible if the home is less than 10 years old.
As a professional foundation repair company, Advanced Foundation Repair can spot foundation issues before they become major problems and provide you with an affordable solution. We offer precise inspections, Advanced Pro-Lift Technology to correct your foundation problems, and Advanced Foundation Repair is proud to be the most trusted foundation repair, with free estimates, easy payment and financing options, a transferable lifetime warranty, and unmatched customer service. If your home is in need of foundation repairs, contact us today for a free home inspection.