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Question for the Money Doctors

Question submitted on Dec 6, 2011.

Question

My question is in reference to Home Owners Insurance. My porch is damaged, worn, falling apart and it''s a risk in certain areas if you walk on it. I''m a single parent, own my home but can''t afford to have the porch redone. Will my homeowners pay to have the porch redone entirely. I''m assuming it would cost around $2000.00 and I have a deductible of $500.

Answer

Thank you for the question.  Typically your home owner's insurance will only pay a claim if the porch was damaged from an event; such as fire, hail, etc.  If the porch is now damaged due to wear and tear over the years, then most likely your homeowners insurance will not cover it.  Unfortunately it sounds like you will be responsible for the entire cost of the porch unless the damage was caused by some specific event.  

Thank you,

Cory Colquette, MBA, CPA/PFS


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