Is basement waterproofing covered by insurance? The short answer is no, but there are a few policies or endorsements that you may want to consider if you live in an area prone to flooding or if you would like to prepare for the worst.
Although basement waterproofing isn’t directly covered by insurance, it is possible to add an endorsement to your homeowner’s insurance policy covering your things like a broken sump pump, burst pipes, or extreme weather events like a lightning strike.
Keep in mind that if there is damage to another fixture in the house unrelated to foundation maintenance, such as a leaking water heater, broken pipes, plumbing problems, or large appliance malfunctions, you may be able to file an insurance claim that covers the damage. Many insurance providers recommend working with the company that sold you the appliance if that appliance caused your leak and is within warranty. However, if the appliance is no longer in warranty, you can talk to your insurance company to see about securing a replacement and arranging for your homeowner’s insurance policy to cover the cost of repairs.
It is also possible to obtain separate flood coverage by seeking out protection through the National Flood Insurance Program. The program’s description of what is covered includes “foundation walls, anchorage systems, and staircases.”
The downside to this coverage is that, unless there is a flood, any preventative maintenance won’t be covered. This means that if your basement is flooded by a heavy spring downpour or saturated groundwater, waterproofing repairs won’t be covered. Part of the reason why basement water damage is not typically covered by homeowner’s insurance is because basement water damage is neither sudden nor accidental; rather, it’s considered a home maintenance issue.
If you are dealing with dampness or residual moisture from heavy rainfall or groundwater, it’s possible that you may have to contend with mold or mildew unless you act fast to waterproof your basement or crawl space. Unfortunately, mold is nothing to take lightly, and the cost of paying professionals to remove mold is a whole other expense unto itself. Mold can cause serious health problems, including fatigue, respiratory problems, brain fog or lapses in memory retention.
Therefore, it seems like the wisest thing to do is to perform preventative maintenance before experiencing a major climate event, rather than afterwards. Unless you want to deal with waiting in a long line of claims for inspectors to survey the damage after-the-fact, it makes more sense to contact basement waterproofing professionals, who will be able to help you finance sensibly-priced maintenance work.
Contact My Foundation Repairs today to get a free quote for preventative maintenance on your basement. We can help you determine your risk factors, different preventative options, and what is best for your family’s budget and situation.