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No, homeowners insurance policies do not typically cover sump pump installation. However, some companies may offer incentives in the form of discounts or reduced premiums if homeowners install sump pumps. Insurance companies do this because sump pumps can reduce water damage claims. You may also be able to obtain enhanced water-backup coverage after installing a sump pump.

Submersible and pedestal sump pumps are two popular types of sump pumps. Submersible models are covered by water in a sump pit, which helps keep the motor cooler and quieter. Pedestal sump pumps stick out of the sump pit, so the motor stays dry and is easier to access. Submersible sump pumps are the pricier option, but they also have longer life spans.

The best basement waterproofing method depends on the specific issue causing the water intrusion. For minor problems, simple solutions like installing a properly functioning gutter system to direct runoff away and grading the soil to slope away from your foundation can be effective.

If you have more significant water problems, the solution will need to be more robust:

• For standing water on the basement floor, a floor drain or a sump pump system may be the best solution.

• For water pooling around the foundation, installing an exterior French drain can intercept water before it reaches the basement walls.

Other effective waterproofing methods, which can be used depending on your home's specific needs, climate, and soil type, include sealing the interior walls, landscape alteration, installing interior drainage systems, and using a dehumidification system to control moisture levels.

The cost of basement waterproofing is $4,950 for the average homeowner. However, you could end up paying between $600 and $14,000, depending on factors like basement size, waterproofing method, and the region you live in. 

If you live in an area with heavy rainfall, you might be paying more for waterproofing than if you lived somewhere drier since waterproofing contractors would be in high demand. Likewise, a 500-foot basement costs between $2,500 and $5,000 to waterproof, but that price rises significantly for a larger basement.