Save On Your Homeowners' Insurance Costs With Basement Waterproofing

1 November 2017
 Categories: Construction & Contractors, Blog

Waterproofing is an excellent protection all homeowners should consider. However, for those homeowners with an elevated flood risk, this step is especially critical. In addition to protecting your home, waterproofing your basement can have a positive impact on your homeowners' insurance policy. Learn just some of the ways this step can help keep more money in your wallet and reduce your stress level.

Lower Premium Costs

One of the quickest ways that waterproofing your basement can yield more money in your wallet is by lowering your homeowners' insurance premium costs. The location of your home, the age of your home, size and your credit history will all influence your insurance premium costs. However, the level of risk your home poses will also come into play.

The higher the risk, the higher your premium is likely to be. A home with a basement that is not waterproofed poses a greater flooding risk than a home with a waterproofed basement. By making this addition, you can lower your risk and possibly your premium.

Reduce out of Pocket Expenses

Many homeowners don't find out until there is a tragedy, the limits of their insurance policies. Depending on the terms of your policy, only a portion of the cost to repair the damages from a basement flood might be covered. When you have your basement waterproofed, you can limit your out of pocket costs.

Waterproofing techniques drastically reduce the amount of water that is able to penetrate into your home, and therefore, the amount of damage it causes. When you consider the difference between major water damage and minor damage, the savings you can earn are well worth your waterproofing efforts.

Prevent Future Expenses

Waterproofing your basement can also lower your future costs. A common problem that often comes in the aftermath of water damage is mold. Mold isn't just unsightly and a health hazard, but it can also cause structural damage, particularly when it comes to wood.

Should you have future problems from the mold damage and you file an insurance claim, your claim could be denied if it discovered that the source of the problem was your failure properly repair any damages caused by the water, including the development of mold. With waterproofing, you can lower the likelihood of mold formation. Waterproofing your basement today can help lower your costs in the future.

If you have not made this addition to your home, now is an excellent time to reach out to a waterproofing professional. One of these professionals will come out to your home and analyze your risk to determine the best waterproofing measures for your needs. Contact a company like State Wide Waterproofing for more information and assistance.