As someone who works in the contracting and home improvement field, I’m often asked at home improvement shows & expos, what the best way to increase home value or to lower the cost of homeowner’s insurance.
In every case, I recommend the person have a basement waterproofing inspector come out to their house and take a look at the basement or crawl space as well as the exterior of the home. This allows the seller or potential buyer to ensure that costly water damage problems are cut off before they become serious. These water damages can be costly… sometimes to the tune of 30 – 50,000 dollars! If water has damaged the walls, you are in for an enormous repair bill.
If you are buying a house it is imperative you have the basement inspected thoroughly before making any kind of commitment. If you are selling your house it is important to be pro active. Do not wait until the prospective buyer stops by to look at your home and notices dampness or signs of mold or mildew in the basement. The stock of your home will plummet faster than the value of a Tower Records franchise.
After you have made the decision to sell your house or other property, have a waterproofing/basement inspector stop by and determine the condition of your basement and to see if there are any potential problems that need to be addressed. You will keep the value of the property at or near its true value.
Another benefit of waterproofing is that your insurance rates will drop considerably. Insurance companies are obviously always looking for better ways to keep claims at a minimum. Whether it pertains to your health, automobile or home, prevention is the best way to help keep something bad from happening. Insurance companies routinely lower rates for customers who do not smoke, or stay in shape by regular attendance at the gym. “Silver Sneakers” is a well known fitness program – sponsored 100 percent by insurance companies – where seniors are encouraged to stay fit.
Take good care of your car, drive safely and your auto insurance company will reward your good deeds with a better rate. And why not? Everyone wins with these prevention methods are followed. The same applies to your home. Well, waterproofing your basement can actually lead to a lower Home-owner Insurance rate.
Most home insurance companies want to be reassured that your home is as disaster- and theft-proof as possible. By modifying your home with certain safety features, you will be far more likely to qualify for a cheap home insurance quote. Precautions against theft, fire, flooding, and other disasters can cut hundreds of dollars out of your yearly premium in many cases. Here are a few things you can do to improve your home’s resistance to such calamities and get cheaper home insurance:
Install deadbolt locks on all outside doors
Put in an alarm system that notifies the police when a security breach is detected
Install back-flow devices to prevent flooding from broken pipes
Waterproof your basement
Put in smoke alarms and fire sprinklers
Minimize your liability by fencing off your pool or spa
Let’s concentrate on waterproofing the basement. Why would a home owner’s insurance provider care about if your old basement is waterproof?
Because water problems, from mold to structural damage, can carry huge repair bills. Mold causes health problems. Water in the walls weakens the foundation… it turns even the strongest of cinderblock and cement into mush. The water slowly eats away at the concrete.
If this is left untreated, it can cost over $50,000 to fix. No insurance company is happy about absorbing that kind of cost! So, waterproofing lets them know that the walls and foundation of your basement are safe, dry and secure… and free of expensive damages.
Waterproofing also dramatically increases the value of your home… by 25 – 35%! This is because, as any realtor will tell you, potential buyers are scared off by any signs of water damage, mold, or mildew (for the same reasons the home owner’s insurance hates these problems – they cost a lot to fix). By waterproofing your basement, you guarantee buyers that they will not have to deal with these costly problems. This can raise the asking price and get you more money on your sale! So, if you are looking to buy or sell a home, it’s very wise to get a full inspection and basement waterproofing done. This will raise value and lower insurance rates… a winning combo!