Auto Insurance Louisville KY Serving Louisville for Over 35 years!
(502) 933-2255 | (800) 468-1215
  • Home
  • Get A Quote
    • Get A Quote
    • Auto Insurance Quote
    • Home Insurance Quote
    • Life Insurance Quote
    • Renters Insurance Quote
    • Commercial Auto Insurance Quote
    • Business Owners (BOP) Insurance Quote
    • Motorcycle Insurance Quote
    • Watercraft Insurance Quote
    • RV Insurance Quote
    • Long Term Care Insurance Quote
    • Flood Insurance Quote
    • Workers Compensation Insurance Quote
  • Personal
    • Auto Insurance
    • Home Insurance
    • Life Insurance
    • Motorcycle Insurance
  • Business
    • Commercial Vehicle Insurance
    • Business Owners Insurance
  • Customer Service
    • Frequently Asked Questions
    • Report a Claim
  • Resources
    • Our Companies
    • Insurance Glossary
    • Calculators
    • Free Reports
    • News Center
  • Blog
  • About Us
    • About Us
    • Employee Directory
    • Testimonials
    • Leave a Review
    • Referral Program
    • Privacy Policy
  • Contact Us
    • Contact Us
    • Map & Directions
    • Join Our Newsletter
Auto & Home
Insurance
Commercial
Insurance
Life
Insurance
Church
Insurance
Home > Blog > Home Foundation Pitfalls
THURSDAY, APRIL 4, 2013

Home Foundation Pitfalls

They often say that a home is only as good as the foundation it’s built upon. That’s why when new home buyers are purchasing a property, a routine home inspection will always look at the foundation first. If the inspector detects signs of cracked floors, buckling walls, and other foundation issues this could mean major red flags for the future of the home.

Home Foundation InspectionHomeowners should steer clear of any foundation problems. Most of the time, a cracked or broken foundation isn't covered by a home insurance policy. More importantly, if other significant structural damage occurs as a result of a faulty foundation, your insurer may not pay for these repairs.

For those who find themselves in the middle of foundational issues, there are a few items to consider which may help ease the burden.

1. Understand the Why, Not Just the What

If a home inspection shows foundation issues, hire a structural engineer to analyze the cause and severity of the foundation problems. This will tell homeowners why the foundation issues exist. Perhaps the builder made an error, or it might have to do with the land underneath the home. The structural engineer will write a report detailing the damage and outlining potential solutions.

2. Shop Around

As with any large purchase, it pays to shop around. The engineer or inspector who evaluates the problem may have a recommendation, but it’s important to consult several foundation repair companies for quotes. Once you’ve found a competitive price, ask the home seller to finance the repairs or share the cost. If the seller won't agree to assist in fixing any of the repairs, it’s time to walk away from the deal. A bargain property can quickly turn into a money pit if foundational issues are present.

3. Compare Policies Carefully

Even when purchasing a home with no immediate repairs necessary, it’s important to closely evaluate home insurance policies to find out what's covered in case of damage stemming from foundation problems. Many homeowners policies exclude any problems relating to foundation cracks, wear and tear, and faulty workmanship. If the property settles and cracks the foundation, that may not be covered. But if as a result of the settling and cracking, water comes in and further damages the house, that may be covered.

4. Add To Your Current Policy


Even with a strong foundation, your home can still be susceptible to further damage depending on its age and location. Some homeowners may want to consider supplemental coverage which will protect your property. Rider policies are available to add to your current policy to cover situations such as earthquakes, ground movement; flood insurance and sinkhole coverage.

To fix a foundation out of pocket can be extremely expensive. Stabilizing or replacing a damaged foundation can require repairs such as underpinning a house with concrete or steel piers and replacing the foundation floor. This type of work can cost as much as $30,000, according to CostHelper.com. In addition, landscaping and decking often must be removed to access the foundation, which only adds to the price tag of the project. Review your policy, and negotiate with the seller before purchasing any home with existing or potential foundation pitfalls.


By Matt Reynolds - Google+
Posted 7:31 PM

Tags: home insurance, home, personal
Share |


No Comments


Post a Comment
Required
Required (Not Displayed)
Required


All comments are moderated and stripped of HTML.

NOTICE: This blog and website are made available by the publisher for educational and informational purposes only. It is not be used as a substitute for competent insurance, legal, or tax advice from a licensed professional in your state. By using this blog site you understand that there is no broker client relationship between you and the blog and website publisher.
Blog Archive
  • 2014
  • 2013
  • 2012
  • 2011
  • 2010

  • personal(147)
  • home(77)
  • auto(70)
  • commercial(64)
  • save(51)
  • safety(46)
  • home insurance(46)
  • auto insurance(37)
  • family(34)
  • life(24)
  • discounts(24)
  • life insurance(22)
  • weather(17)
  • business owners insurance(17)
  • winter(14)
  • claims(12)
  • credit rating(10)
  • summer(9)
  • motorcycle insurance(9)
  • renters insurance(8)
  • independent agents(8)
  • motorcycle(8)
  • green(8)
  • teen drivers(8)
  • stats(7)
  • boat(7)
  • kentucky(7)
  • spring(7)
  • louisville(7)
  • myths(7)
  • commercial vehicle insurance(6)
  • fall(6)
  • boat insurance(6)
  • specialty insurance(5)
  • long term care insurance(5)
  • rv insurance(4)
  • flood insurance(4)
  • health(4)
  • health insurance(3)
  • travel insurance(2)
  • mobile home insurance(2)
  • rental car insurance(2)
  • news(2)
  • identity theft insurance(2)
  • church insurance(2)
  • moving insurance(2)
  • cell phone insurance(1)
  • umbrella insurance(1)
  • senior drivers(1)
  • workers compensation insurance(1)

View Mobile Version
 
  • Progressive Insurance
  • Hartford Insurance
  • Safeco Insurance
  • Travelers Insurance
  • Grange Insurance
  • Guide One Insurance
  • Kentucky National Insurance
  Connect With Us: Social Social Social Social Social
Icon
Site Links

Home
Get A Quote
Our Companies
Testimonials
About Us
Contact Us

Claude Reynolds Insurance Agency, Inc. BBB Business Review

Louisville Auto Insurance Review

Icon Visit Us

Claude Reynolds Insurance Agency Inc.
6801 Dixie Hwy Suite 232
Louisville, KY 40258
Phone: 502-933-2255
Fax: 502-933-5057
Map & Directions
Claude Reynolds Insurance Agency Inc. | 6801 Dixie Hwy Suite 232, Louisville, KY 40258 | 502-933-2255
Powered by Insurance Website Builder | Online Marketing by One Thing Marketing