Mold Coverage: Everything You Need To Know

How can mold affect your insurance coverage? Many homeowners are dealing with this persistent moisture, which is normally unnoticeable and overlooked. This can result in a prevalent mold increase. Well, the stories are real about the costly mold remedies, toxic mold cases as well as denied claims.

The main causes of this moisture are leaky roof, floods, and high indoor humidity. Find out if mold damage is included in your homeowner’s coverage. Check it for mold limitations and exclusions.

You can buy a mold rider to provide extra mold coverage to your existing policy. Take into consideration your risk-tolerance and the cost before you decide to purchase it. Talk to your agent if you are unsure.

Generally speaking, the cost of insurance is more expensive in older houses with humid climates than in dry climates and newer homes. Basically, the houses that are constructed in the last five years are made with paint, drywall, and wood that are mold-resistant. Also, these newer houses are less likely to be affected by water infiltration.

There are insurance carriers who may offer you a separate mold insurance, in case your insurance company will not allow you to add a rider. However, the price for this can be expensive. Carefully assess the situation and your needs. Is the cost worth more than the risk factors such as the value of your property, the age of construction, and the severity of the mold problems in your place?

Prevention Is Key

The most effective way to deal with this problem is to keep mold away. Prevent the mold to progress and find a way to eliminate them in case they are already in existence. Here are some steps to take:

• Check your roof for any leaks and clear the gutters to prevent overflowing.
  
• Make use of bleach and other household cleaners that have mold-killing ingredients.
  
• Get rid of upholstery, padding, and carpet after 2 days of flooding.
  
• Check fittings and hoses on your toilets, sinks, and appliances.
  
• Reduce indoor humidity by using exhaust fans, dehumidifiers, and air conditioners.
  
• Do not put carpet in bathrooms, basements, and other wet areas in your house.
  
• Choose primers and paints with mold inhibitors.

Mold and Homeowners Insurance

Majority of home insurance coverage do not include the loss and damage due to mold issues, including bacteria and fungi. But, it does not necessarily mean that a claim would be denied.

If the mold in your house is the result of pipe bursting, the remediation cost is likely to be covered because the claim is mainly due to a pipe burst and not the mold alone. Your claim has a tendency to be denied if the mold is a result of consistent water leaks, long-term humidity exposure, and negligence of home maintenance.

The cost of a homeowner’s policy can range from $1,000 to $10,000 when it comes to mold repair and remediation. Most insurance policies usually do not cover mold damage that is caused by flooding. For this, you would probably need a standalone flood insurance policy that you can buy from the National Flood Insurance Program or other private insurers we work with.

We at the Brad Spurgeon Insurance Agency provide expert assistance to our clients in choosing the best deal for their needs within their budget. We are always ready to help and give our services. Feel free to contact us at (409) 945-4746 or Click Here so we can give you a free quote.