If you aren’t sure whether or not your policy covers foundation repair, it might behoove to do some research. The HOB Home Insurance Policy is one of the most common home insurance policies in the United States. And before 2003 the HOB policy covered damages to a homes’ foundation if it was determined that the damage was caused by a domestic fresh water or sewer water plumbing leak. Unfortunately due to some lobbying from the insurance industry in 2003 the Texas Legislative Session modified the HOB policy to eliminate foundation damage coverage. In September 2003 foundation damage caused by plumbing leaks were eliminated from the HOB policy.
Post September 2003 homeowners have been under the impression that foundation damage simply isn’t covered by their insurance policy. We are now seeing changes to this. As part of the elimination of coverage in 2003 the insurance companies were to issue a premium credit for the lesser amount of coverage. Some companies did, and some did not. Now insurance companies have started to sell it back to the homeowners at a premium. This additional premium, it should be noted, was once included as part of the basic policy.
Sometimes insurance agents have included foundation repair in your coverage to increase the premiums and in turn their commission. You might not have even realized that you are covered. It is important to check with your insurance provider to see if your policy covers foundation repair.
Listed below are the names of some insurance companies and the types of homeowners insurance policy forms that are currently being issued in the State of Texas that include at least some sort of foundation damage coverage. Keep in mind that some are based on a percentage value of the home and some are a set purchased dollar amount coverage, much like the selection of a higher or lower deductible on your car insurance. The amount of coverage isn’t going to be the same as it was before 2003, but every little bit helps.
CARRIERS WITH FOUNDATION COVERAGE:
AAA PREMIER , AIG, ALLSTATE FIDELITY & CASUALTY, AMREICAN RISK, APEX LLOYDS, AMEX ASSURANCE, ARMED FORCES, ASI LLIYDS, AUSTIN INDEMNITY, BALBOA, CHUBB, DALLAS NATIONAL, DELTA LLOYDS, ENCOMPAS INDEMNITY, ENCOMPASS INDEMNITY ELITE, FEDERAL INSURANCE, GEOVERA, HOMEOWNERS OF AMERICA, INTERNAL FIDELTY & CASUALTY, LINCLON GENERAL, MIDDLE STATES, NAT. SPECIALTY, METROPOLITAN LLOYDS OF TEXAS PLATINUM (MET LIFE), REPUBLIC UNDERWRITERS, SOUTHERN INSURANCE, SOUTHLAND LLOYDS, STATE FARM LLOYDS//WITH ENDORSEMENT, STONING LLOYDS, TRINITY UNIVERSAL, UNITRIN SFEGUARD, US LLOYDS, USAA/WITH FOUNDATION ENDORSEMENT.