My house is sinking (again). My family paid about $6k to raise it about 10 years ago and the company said it was 5-year fix. I got a quote from the same company ~ Aquaguard for the current sinking and to raise it will cost about $10k which I don't have but I can easily pay off in 3 years. I also may have a damaged sewer pipe (waiting for a plumber) which could be a $5k fix and still need to replace my roof $7k fix. Should I just fix these on my own one at a time or just file a claim? My coverage is with American Modern with a premium of $2k.
It covers:
Dwelling Premium ($2,110.00)
– Limit 188,118
– Loss Settlement Replacement Cost
– Roof Loss Settlement Option Replacement Cost with Reduced Benefit for
— Roofs 21 Years & Older
— Roof Benefit Schedule Payout 100%
All Other Peril Deductible 1,000
– Wind and Hail Deductible 1,000
– Other Structures 18,812 Included
– Loss Settlement Replacement Cost
– Roof Loss Settlement Option Replacement Cost with Reduced Benefit for
— Roofs 21 Years & Older
— Roof Benefit Schedule Payout See Roof Benefit Schedule Form
Personal Property $75,247 ($-84.00)
– Loss Settlement Actual Cash Value
– Loss of Use $37,000 ($-3.00)
– Water Damage $-25.00
– Limit Full
Mold and Remediation – Property 10,000 Included
Loss Assessment 1,000 Included
Fire Department Service Charge 500 Included
Important Information
This dwelling does not have coverage for the peril of flood.
This dwelling does not have coverage for the peril of earthquake.
Premium $1,998.00
Should I ask my home insurance company about filing a claim for $10~20k home damage or just pay it myself?
byu/dtgray12 inRealEstate
Posted by dtgray12
4 Comments
Damn this is tough – sorry about it
I mean in a perfect world I would want the insurance to pay for it all and then sell the house cause it doesn’t sound sustainable
Man that’s a lot going on at once. I’d definitely call them about the roof and sewer pipe – those are usually covered perils depending on what caused the damage. The foundation sinking though, that’s probably gonna be a no-go since it’s a pre-existing issue and you already had it “fixed” once
Your deductible is only $1k so even if they cover half this stuff you’d come out way ahead. Just don’t mention the previous foundation work unless they specifically ask about it. Insurance companies love to find reasons to deny claims but they also don’t want to lose customers over legitimate damage
Keep in mind though, filing claims can bump your rates or get you dropped if you become too much of a risk. With a $2k premium you’re already paying decent money so maybe worth the gamble
Homeowners insurance covers sudden loss from (usually) specific specified causes. Gradual settling, general wear and tear, and other maintenance is not going to be covered.
This is not an insurance claim.