Mold is an environmental contaminant that emerges from moisture and may cause long-term damage to homes if not managed through regular maintenance. Since mold spreads gradually and sometimes rapidly, it's best to address it early before it lowers the value of your property. Here's a look at what a home insurance policy covers in terms of mold-related damages.
As a fungus that thrives in moisture, mold and its spores are usually harmless when found in small areas of kitchens, bathrooms, and basements. However, the more it spreads, the more it physically and aesthetically degrades surfaces and materials. Not only can mold lead to expensive repairs, such as the need for a new roof, it can also cause illness involving the respiratory system. For the sake of good health, it is essential to watch out for mold build-up in your home and deal with it accordingly.
If you let mold spread for years, it can even lead to fires or HVAC breakdowns. You can stop the spread of mold by opening windows or investing in a fan or dehumidifier. Many times moldy items must be replaced rather than cleaned.
Regardless of where mold comes from, it is covered by a standard homeowners insurance plan only under certain conditions. For example, if mold-related damage is caused by negligence, it will not be covered. Broken pipes from storms can also lead to mold. Make sure to read your policy's fine print to be clear on what is and is not covered in the event of mold infestation.
Insurance companies tend to view mold mainly as a maintenance issue. If you have your home periodically inspected by a professional appraiser, you can eliminate the mold and save thousands of dollars’ worth of repairs. Coverage for mold in standard home insurance plans tends to be limited. In some cases, you may need to purchase an endorsement for additional mold coverage.
Be aware that each insurance company has its own version of standard plans as well as endorsements. That's why you need to be conscious of your insurance options to ensure you're making the right choice. Speaking with an insurance expert will help you navigate the available options.
Sometimes it is possible to develop an illness from mold that leads to congestion and breathing problems. It is important to let your doctor know about it so that you can get an expert opinion on whether the symptoms have been.
If you intend to file a claim, you should first gather all relevant documents to back up your claim, such as bills for repair work and photos of the damage. Initial steps to take while filing a mold insurance claim are as follows:
Mold is a serious issue that falls into the gray area of home insurance policy. While in some circumstances, damage from mold may be covered under the existing policy, in many other situations, it may not be covered at all. Understanding mold coverage for homeowners from the beginning is helpful. Contact us at C.V. Mason Insurance Agency to get help finding the right coverage for your unique home insurance needs.
