The need for foundation repair can happen at any time, and it’s an inevitable part of owning a home. Depending on the damage, the cost of this very necessary service can vary. Typically, foundation repair services tend to range between $2,000 to $7,500, and that just goes up if the damage gets bad enough to where the walls are bowing. This is why it’s so important to call a foundation expert if you start to see signs of damage or your foundation hasn’t been inspected in a long time.
Then, once you know your foundation needs repair, it comes down to figuring out the cost. We often get asked:
Can my homeowners insurance cover this?
Unfortunately, the most common foundation issues are not covered by insurance. The foundation or the grading around the home wears down over time, which then causes water intrusions. Unless a specific event happened to directly cause that damage, it’s more likely that it just happened due to time.
In general, most policies will cover foundation repairs when they are caused by issues such as:
- Lightning
- Fire
- Fallen objects such as trees
- Windstorms
- Explosions
- Damage caused by aircraft or vehicle
- Water damage from plumbing or HVAC system
They will not cover damages when caused by:
- The natural settling of the foundation
- Tree roots
- Bad gutter system
- Freeze-thaw effect
- Faulty construction work
- Earthquakes
- Flooding
A standard homeowner’s policy does not cover flooding, but there are supplemental add-ons that can be bought. If you are in an area that sees flooding warnings somewhat regularly, it would be a good investment.
Overall, the majority of repair jobs do not qualify for an insurance claim, and we can help decide that when we’re there for the inspection. To help keep it in budget, we offer 3 different financing options.
After we offer an estimate on the repairs, we can also walk you through these options and what might be best for your budget. Your home is an investment, and you want to make sure it’s properly cared for over time. Concrete & Foundation Solutions proudly serves the Twin Cities metro and addresses all of your concrete and foundation needs. Our experts can help repair your foundation no matter the season, so give us a call to set up a service now or in the future.