Home Foundation Repair

Facts About Home Foundation Repair You Probably Didn’t Know

As a homeowner, one of your primary concerns is that the value of your home is maintained, if not improved. There are several ways you can increase your home’s value over time through small home upgrading projects. You don’t have to wait until you need to sell your home to do this. Critical areas to look into include the roof, the basement, and the foundation. Today, we shall look at home foundation repair and its implications on your finances.

Is home foundation repair tax deductible?

Home Foundation Repair

There are some home repair costs that homeowners that can be quite high. The question many people ask is whether such costs, including the cost of home foundation repair, attract tax relief. The following post answers this question comprehensively:

Deducting Improvements vs. Repairs on Your Taxes

It is important to understand what qualifies as making an improvement on your property and what qualifies as making a repair. Improvements have a much greater impact on the value of your property than repairs, and they are calculated quite differently when it comes to filing your taxes.

Definition of an Improvement

An improvement is a property update that will extend the “useful life” of the property. Read more at The Balance…

The determination of whether your home foundation repair is an improvement or just a repair needs to be clear. Ensure you get the correct advice by checking out some of the foundation repair pictures your contractor may have.

Is foundation damage covered by homeowners insurance?

Home Foundation Repair

Another common question that arises when it comes to the subject of home foundation repair is how it is affected by homeowner’s insurance. The following post answers this question for Texan homeowners in detail:

Homeowners Insurance

Homeowners insurance pays to repair or replace your house and personal property if they’re damaged or destroyed by an event or occurrence covered by your policy. These events or occurrences are called “covered losses.”

Note: An insurance policy is a contract between you and your insurance company. Read it carefully to understand exactly what it covers and the dollar limit of the coverage. You should also understand your rights. Texas has a Consumer Bill of Rights for homeowners and renters insurance. Your insurance company must send you the Bill of Rights when you get or renew a policy. Read more at Texas Department of Insurance…

The catch about insurance policies is the fine print. Always make sure you read it properly before you append your signature on the dotted line.

Are home foundation repairs covered by insurance?

Home Foundation Repair

If your area’s homeowners insurance doesn’t cover home foundation repairs, your next option could be your general home insurance policy. The following post looks into home insurance and what it covers:

Does Home Insurance Cover Foundation Work? What Can You Do If It Doesn’t?

Home insurance advertisements focus on life-changing events like fires, floods, and burglaries, but it’s far more likely that you’ll need the coverage for smaller but no less serious incidents like foundation issues and powerful hailstorms. If you’re already thinking about how to prevent foundation damage and regularly look for signs of cracks and shifting, take the next step and have a plan in place for getting your home insurance provider to help you out if you need repairs.

How can you tell if your home insurance policy covers foundation repairs?

Look into the language of your plan itself and ask an agent specifically. If you live in a state with lots of foundational issues, your insurance agent is probably familiar with both the question and the topic.  Read more at Eden Structural Solutions…

It is no secret that foundation problems cost a fortune to repair sometimes. However, if you work with the right local foundation repair contractors, you’ll stand a better chance of getting the right services at the right price.

If you are in Grand Prairie, TX and are looking for a home foundation repair expert, Texas Foundation Pros is the company to work with. Our experience in serving the residents of Grand Prairie has earned us an outstanding reputation among the best local foundation contractors around.

Call us for inquiries on (469) 445-2208. You can also enjoy our amazing financing opportunities and discount packages; visit our website for more info!