Will Homeowners Insurance Cover Home Foundation Repair in Ohio?
You know that your homeowner’s insurance will cover damage from fire, lightning, and fallen trees. But will it cover home foundation repair in Ohio? The answer to this question is maybe. Below we will explain different foundation issues and what is covered by homeowner’s insurance. Visit us on our website for additional information about foundation repair in Ohio.
When Does Homeowners Insurance Cover Home Foundation Repair in Ohio?
Your foundation is covered by homeowners insurance like any other part of your home. However, many causes of foundation issues are excluded from standard policies. You’ll need to read your policy carefully to know what damage it covers and what it doesn’t.
Your homeowner’s insurance policy lists everything that the company will cover. To see if your home’s foundation damage is covered, you’ll need to check the dwelling coverage portion of your policy.
Most home insurance companies cover the following foundation repairs in Ohio if it’s damaged due to the following perils:
- Collapse due to snow or ice
Typical homeowners insurance covers things like the following. However, the specific date of the event has to be proven.
- Falling objects
- Water damage from plumbing, heating, or AC overflow
- Damage caused by vehicles
- Fallen trees
- Damage caused by civil disturbances and aircraft accidents
Special Note – Ohio has a fund to insurance property that’s in danger of sinking due to old coal mines. Coverage listed in mandatory coverage counties much protect against this type of damage.
When Will Homeowners Insurance Not Cover Home Foundation Repair In Ohio?
Some foundation damage is not covered because of specifically excluded causes. Below you’ll find some standard exclusions but read your policy for the complete list found on the HO-3 special form.
- Natural settling, shrinking, bulging, expansion, and cracking of the foundation.
- Wear and tear, marring, deterioration
- Earthquakes – can be purchased separately.
- Flooding – can be purchased separately
- Tree root pressure
- Rodents, insects, and vermin
- Faulty design or construction
What To Do If Homeowners Insurance Won’t Cover Foundation Damage?
If your homeowner’s insurance doesn’t cover your home’s foundation repair in Ohio, it can be stressful. Foundation repair is expensive – from crack repair to push pier and helical pie underpinning. While necessary, many homeowners are left in a panic trying to figure out how to afford this expense. Not everyone has cash on hand or enough in their savings accounts to fully pay for their foundation repair.
Most foundation repairs cost between $2,320 to $7,000, depending on the amount of damage. However, if your home requires major repairs such as piering, it can cost from $10,000 to $15,000, depending on the number of piers you need.
Foundation Repair Financing Options
Foundation repair in Ohio isn’t something you can put off because it’ll only get worse. When cracks start to appear, that’s only the beginning. Soon you’ll notice wet spots or moisture in your basement, then water seeping in, etc. The good news is that there are many options to help cover the costs.
Grants and Loans
Ohio has many different options to assist with paying for your foundation issues. For example, in Ohio, grants and loans are available through the U.S. Department of Agriculture. There are specific requirements that need to be met to qualify, and there are maximum amounts for grants and loans.
Home equity loan
If you have equity in the property, you can discuss getting a loan through your mortgage lender. If they agree to lend you the money on favorable terms, you’re good to go. Just make sure to get a low-interest rate before committing to avoid struggling to pay it back.
If you have good credit, you may qualify for a personal loan. To determine if this is an option for you, schedule an appointment with your bank to talk it over. Make sure the interest rate is low enough so you can afford the payments.
Many homeowners who don’t qualify for a personal loan choose to get a secured loan. When doing this, they put something up for collateral, such as their car. If you are thinking about doing this, be careful and make sure you can make all the payments. Failure to do so will result in the bank taking the item.
Pay if with a credit card.
This isn’t the best choice, but sometimes there’s no other choice. If you can manage it, you can put the expense on a credit card. Of course, there are a lot of factors to this option, such as your credit limit, your ability to pay it back, and your credit history. If you have a card with a low APR, it shouldn’t be too bad, but if you have a high-interest rate, you may want to try other options first.
Payment plans for foundation repair
Some foundation repair companies in Ohio work with third-party financial institutions that offer home improvement programs that homeowners can’t afford. The repair company isn’t the lender itself but links you with a bank that will provide the money. The program is flexible and meant for people who cannot afford to repair their homes.
There are several types of short-term loans that foundation companies may offer you. One type called cash is a type of loan that you pay off in installments over a specific amount of time with no interest or minimum payment. This is the best option if you can pay the loan off within a specific amount of time.
Negotiate with the foundation repair company
Depending on the company, they may work with you on the cost of the repairs. If you can’t afford to make payments and don’t qualify for grants but have a limited amount of cash to work with, they may work with you.
How To File A Claim For Foundation Repair
The first thing you need to do is get in touch with your insurance company after the incident occurs. Most insurance companies will only cover within a specific time frame. Once you talk to them, ask them what evidence they need for the claims process. The company will send an appraiser to your home to appraise your property. It’s a good idea to hire your appraiser to make sure the numbers are similar. Make sure to ask about anything you are unsure of because the approval of your claim comes down to fulfilling the company’s requirements.