Enrolled Agent-licensed to practice before the IRS, Samuel N Smith, EA, South Carolina
HO-3 homeowner policies have coverage for "adjacent sturcture". The question is how is this wall constructed and how does it influence the coverages of the policy. Is it a "retaining wall" designed to protect the house in some fashion? When the home is first insured the company will send an inspector to view the property. If that "retaining wall" is interfering with the safety of the home they will refuse to cover the property.
Normally retaining walls are not included as part of the standard coverages in a homeowners policy. Your homeowners policy was designed to protect your home so that you have a place to live. It wasn't designed to protect things that aren't part of the building. Now, there are optional coverages that some companies will offer and there may be coverage for a retaining wall in certain situations. It really depends upon your specific policy and what happened to the wall. Coverage is usually triggered by a specific event that is sudden and accidental. Settling of the wall is not a sudden occurrence and wouldn't normally be covered. However, if your wall is damaged by a storm or a fire, there may be coverage.
Find an agent you can trust and they can help you figure out the best way to protect your property.
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Find an agent you can trust and they can help you figure out the best way to protect your property.