Will your homeowner’s insurance cover your mold costs?
We have all heard the horror stories about what mold can do to your body. Mold’s mycotoxins can prove deadly if the mold is not removed soon after exposure. But if your home has more than one colony of mold, it can prove to be an expensive home remediation. But would homeowner’s insurance take some of the financial burden? Well, that depends on the policy and the amount of extra coverage you pay per period. Let’s take a look at homeowner’s insurance and mold remediation.
Does Homeowner’s Insurance Cover Mold Remediation?
This is a difficult question to answer because it does depend on the language of your insurance policy. Unfortunately, most basic insurance policies exclude coverage for damaged caused by mold, fungi, and bacteria. But that doesn’t mean you claim for a mold remediation will be automatically denied. If the mold is the result of an accidental peril such as a pipe bursting or flooding, the cost of the mold remediation may be covered on a technicality. If the mold is the result of something unpreventable like that burst pipe, the mold may be covered. Claims are more likely to be rejected if the mold is caused by home maintenance neglect like exposure to humidity or a leak.
Is Extra Mold Coverage Necessary?
Depending on your homeowner’s insurance agency, you may be able to purchase extra mold coverage for your home. Premiums may vary based on where you live, the value of your home, and the risk of mold in your home. Many policies range from $500 to $1,500 per year depending on the existing policy. Prices may climb depending on climates. If your home was built in the last five years, mold-resistant wood, drywall, and paints may have been used in its construction, making extra coverage unnecessary. However, if your home is older, extra coverage may be a wise investment. It is important to weigh the risk factors of your home against the construction and prevalence of mold issues in your area.
When choosing your homeowner’s insurance policy, it is important to read over every section carefully. Knowing your policy will allow you to make an informed decision if you find mold in your home. For more information on mold remediation, call Environmental Consulting and Contracting Group today!
Call Environmental Consulting and Contracting Group!
If you or a family member suspects the presence of black mold or any other type of mold in your home, contact the professionals at Environmental Consulting and Contracting Group. With more than 30 years in the mold remediation industry, we have the experience and tools to help you. Contact us at 410-258-3579 or 1-877-591-MOLD (6653).
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Tags: Information, mold knowledge