Are Foundation Repair companies licensed in Texas?
As of 2019, foundation repair contractors in Texas are not required to have a license. Several years back, Texas House Bill 613 was introduced to require foundation repair contractors to become licensed, but the motion failed. Because there is ample evidence that occupational licensing increases the cost of services, and little evidence that it increases quality, the Legislature should reject a proposal to license foundation repair contractors.
That is why we feel it is a must that your foundation repair company offers a Lifetime Transferable Warranty.
Is Foundation Repair covered by my insurance?
Determining whether or not your insurance policy covers foundation issues is a two-step process: Step 1. Look at your policy or talk to your agent to see if your policy specifically covers foundation damage. Typically, the small cracks that come from settling will be excluded, but other types of damage may be covered. Step 2. Review your policy to see when foundation damage is covered. Some types of coverage to look for include: Earth movement coverage. Related to earthquake insurance, this will protect you against the movement in the soil that could damage your foundation. Flood insurance. This can protect you from major water damage to your home and foundation. Ground cover collapse coverage. Used in places like Florida where sinkholes are common, this coverage could insure a damaged foundation. In addition, damage to your foundation that comes from erosion caused by a burst pipe may be covered. Unfortunately, one of the most common causes of foundation damage is the normal compression and expansion of the ground through the seasons and that is rarely covered by homeowner’s insurance.
The clay soils present in much of Texas are particularly subject to compression and expansion.
Is Foundation Repair a Tax deductible?
Generally speaking, while home upgrades may be tax-deductible, repairs usually are not, which means you won’t be able to deduct the cost of your foundation repair from your taxes. The reasoning behind this is that home upgrades such as building a deck, installing energy-efficient windows, or adding solar panels to your roof tend to increase the value of a home, whereas making necessary repairs is simply a measure to maintain the home’s current value. However, in some instances, foundation repair may be tax-deductible. For example, if you run a business out of your home and use a portion of your home as an office exclusively for the business, you may qualify for a home office deduction. In such cases, though, since the office comprises only a portion of your home, say 20 percent, you would only be able to deduct 20 percent of the overall cost of foundation repair. Similarly, if you rent out a portion of your home, you may be allowed to deduct a portion of the foundation repair cost.
Is Foundation Repair expensive?
According to HomeAdvisor average foundation repair in the metroplex can average from $3,000 to $10,000 depending on how much work is needed. Download the application to make comparisons but call us for a consultation. Our bottom line is to make sure your home needs are met at a reasonable price. We have financing options through Acorn Financing. Click below to see if you qualify.