Foundation repair refers to the methods used for stabilizing and underpinning the building that has suffered a problem in its foundation. Usually, you need foundation repair of your home or business when its core structure gets damaged or distressed due to various reasons. These include poor drainage, plumbing leak, flood, earthquake, etc.
It depends on the type of insurance you have and your insurance provider. In most cases, the insurance company considers foundation repairs in the same way as any other property repairs. It means you can claim damage to your property’s foundation, but only if you have coverage for the event that leads to damage.
Foundation repair becomes necessary when your building’s foundation starts to sink, crack, or settle. At the time of your building’s construction, it settles into the foundation with time slowly. But this is normal if your property is correctly built. However, if the property is not constructed correctly, it settles further than expected. This causes shifting of walls, floors, and other problems.
The selection of a suitable foundation repair method depends on the type of foundation damage. There are different methods used for foundation repair, which include, but are not limited to, the following:
On average, foundation repair costs more than $4000 to the homeowners or $1800 to $6500. This depends on the kind of foundation repairs and extensiveness of damage. Minor repairs often cost around $500, while major repairs can cost more than $10,000. The prices also vary according to the experience of a professional foundation repair company.