One of the most common causes of home elevation is extreme weathering and flooding. In general, there are two options when deciding to elevate your home. The homeowner can physically lift the home, building a new foundation at the bottom, or leaving the home as is, but just building a “livable space” upper level, alternatively converting the ground level to a complete closure.
There are several cons when elevating a home. From cost, insurance claims, geographic complications, damage to the home/property, and even finding a suitable contractor to get the job done.
The average cost to elevate a home is between $30,000 – $145,000 USD. Hypothetical thinking, in a time of crisis, every homeowner has said to themselves, “What does our flood insurance even cover?”. Common essentials covered by flood insurance are your average systems, such as heating, air, water, furnaces, plumbing and more. Flood insurance also covers appliances, flooring, furniture, personal property, and certain valuables, up to the policy limits. Some examples of non covered essentials include personal property in a basement, mold and mildew damage, outdoor property, temporary housing if needed to evacuate, and more. Flood insurance also does not cover home elevations, and only certain homeowners insurance policies will participate. As you can see, if you do not have the proper coverage to elevate your home, this can be very costly. Luckily, the “New York Rising Community Reconstructive Program” helps victims of catastrophic weathering with industry contacts, and financial assistance. Depending on which state you live in, your local county may have similar assistance programs.
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