Home Insurance And House Foundation insure your Alberta condo
Understanding your house's foundation type is important when it comes to home insurance. Your foundation, and the condition it is in will be a factor in what your insurance premiums will come to. Different climates have their own issues with foundation, and because of this, the type that is most likely in your home is one of these 3 most typical kinds of foundation:
A slab foundation uses concrete to support the weight of the home and is usually concrete poured onto the ground. It is a very cost efficient type of foundation. It takes very little site preparation, very little formwork for the concrete and very little labor to create. Creaky floors happen less often with slab foundations, and the issues that happen with doors that open and close improperly are much less likely to happen as well.
A basement is built in a hole dug 6 to 8 feet into the ground to provide a stable foundation. Full basements provide space for the household utilities along with the head space that allows for building full rooms below grade.
Another type of foundation is a crawl space, which is raised just above ground, with just enough space to crawl underneath the home. The crawl space foundation leaves room for heating ducts, wiring and plumbing beneath the home, and because it is above ground, less pests generally make it inside the home.
A home insurance provider will use information about your home's foundation in order to determine if you are suitable for coverage. They will ask questions, so find out about your foundation so you can provide the needed details. A typical question you will be asked is if your home was built on a continuous concrete foundation. They will also ask if the foundation shows any visible signs of erosion or cracking. Most insurers will only insure homes if they are built on a foundation. When there is no foundation for the home, a specialty insurance provider may be needed because of the risks that are involved in mobile and modular homes, or other older homes without a foundation.
Insurance agents will calculate what the cost of rebuilding will be after the continuous concrete foundation is determined, and that will be a factor in the estimate that the agent comes up with. There are some policy exclusions to be aware of when insuring your home and you need to be aware of them in the event of a loss. Not covered would typically be things like condensation damage, contamination, wear and tear, corrosion or defects, so take this into consideration. Other exclusions to be aware of include loss or damage caused by settling, sinking, buckling or cracking of the structure. Not covered in most cases are water or ice weight damage, and thawing and freezing issues as well.
In short, it's important to ensure that the foundation of your home, whether it is slab, crawl space or basement, is in good condition. Damages that are caused by a bad home foundation are usually not covered in home insurance policies.