Your foundation is your homes
quarterback; its most valuable
player. But, did you know your
home's foundation plays a role
in calculating your home
insurance premium?
Well, in today's video, we're
going to cover the three most
common foundation types in
North America and as well
answer some of the most
frequently asked questions
related to foundations and
insurance.
First, a little background.
What is a foundation?
Well, a foundation is the
lowest part of your home and is
the base and structure.
The foundation serves three
main purposes.
The first- it bears the weight
of the entire property.
The second- it holds your home
in place, anchoring the frame
to the ground below.
This prevents your home from
being washed or blown away in
any extreme weather events.
And third- a well-laid
foundation will waterproof your
property- more on this later.
In North America, there are
three main types of foundations
that we're going to be
reviewing in this video.
Slab foundations are the
simplest and cheapest to
manufacturer, requiring little
in the way of site prep.
Essentially, this is a slab of
concrete a few inches thick
that sits on the final grade of
the property.
Steel rods are inserted into
the edge of the foundation to
which the frame is attached.
A slab foundation typically
doesn't have any issues with
settling as the foundation
isn't built into the ground,
but they tend to be not as
strong as some of the other
foundation types.
we're going to be reviewing.
A crawl space for example,
raises the home about one to
three feet above the ground.
Enough space under your home
for you to crawl, but not to
stand. Some crawl spaces
are even dug into the ground to
offer more stability.
And since the home is raised
from the damp, this type of
foundation is typically used in
moist climates.
But, there are some inherent
risks. You see,
many people use their
crawlspace as storage.
However, this is a bad idea.
Moisture from the ground can
damage your property items like
any paper records or anything
stored in a cardboard box.
For this exact reason,
mould and bacteria are an issue
for crawl spaces.
Basements are quite common
across North America, but many
people don't know that a
basement is actually a type of
home foundation.
A basement is a below grade
structure, usually made of
poured concrete and is tall
enough for an adult to fit in-
usually about six to eight feet
deep. If you're looking for a
home with a basement, you've
probably come across terms like
'finished' and 'unfinished'.
But what does this mean?
Well, an unfinished basement is
not suitable for living.
Think about bare concrete walls
and exposed wiring and
plumbing. A finished basement
is suitable for living.
It'll have drywall, flooring and
some of the other amenities
like the main floor would have.
Here's a tip: When dealing with
basements, the term full is
often confused with the term
finished. A full basement
is considered one where someone
can fully stand in.
You can have a full basement
that can still be unfinished.
As mentioned previously, the
main concern with maintenance
for any foundation is moisture.
At the least, crawl spaces
should be sealed with a special
plastic barrier to prevent any
moisture from getting in.
There also should be proper
airflow in the crawl space.
A popular option for this is
using your current HVAC system.
Basements may require a little
more maintenance than other
foundation types.
It's a good idea to install a
perimeter drain system as well
as a sump pump.
These two systems will help
expel any water away from your
home and foundation.
In the same area, you'll want
to make sure the grading slopes
away from your property and
home. You'll also want to make
sure your gutters and
down spouts are clear of any
debris. To learn more about
waterproofing your basement,
you can check out the link in
the description below where we
have an in-depth guide.
Obviously, this depends on the
type of the foundation and the
size of the home.
But as a rough estimate, there
are some averages per square
foot: For a slab foundation,
it's about five dollars per
square foot; for a crawl space,
about eight dollars; and for a
basement, about twenty dollars
per square foot.
Again, this depends on the type
of property and the type of
soil. But generally speaking,
those foundations dug deep into
the earth will provide a stable
base. Typically, for
residential properties, this is
about six to 10 feet deep.
Of the foundation types we
reviewed today, the basement
foundation is considered the
strongest.
For starters, your insurance
provider may want to know what
type of foundation your home
has. If it's a crawlspace,
they may want to know if you've
taken the right steps to ensure
it's waterproof.
They may also want to check for
any cracks or settling issues.
You should also be aware of the
potential policy exclusions.
For example, mould, wear
and tear, condensation and
contamination may be excluded
in your home insurance policy.
So, it's a good idea to
maintain your basement as best
you can.
So, in today's video, we
covered the basics of a
foundation, the top three
types, how to maintain it and
the frequently asked questions
related to your foundation and
insurance. So, if you have any
other questions of how your
foundation will affect your
insurance or to get a home
insurance, quote, you can visit
squareoneinsurance.com