If you are a homeowner and have an issue with mold in your home don’t just conclude that your homeowner’s policy is going to take care of it. In fact, your basic policy does NOT provide coverage for mold. The greater number of insurance providers have actually excluded mold from their normal policies.
If, by chance it is covered, what caused it is going to play a major role in your eligibility. You might be asked to prove that your mold was caused by something that is covered by your home insurance policy. For instance, if your roof was to become damaged and that allowed water to get into your house and that resulted in mold then this would be called a “listed peril.” However, if the mold just grew with time then, surely, it won’t be covered by your insurance policy.
Many homeowner policies are replete with exclusions. A good look at the fine print will reveal various clauses for wear and tear, deterioration, and an much more. Make sure that you always read over your exclusions page very well. This is where you will likely see that mold is smartly excluded.
There are certain states that are more prone to experience mold due to their climate type. The risk for insurers is that the mold is so difficult and costly to deal with. Often the insurance company thinks that the policy holder is to be blame when there is a case of mold. Painfully, the burden of proof will always be with the consumer.
There are several riders that can be bought that may provide this kinds of coverage but they are generally quite costly. Some years ago there were many lawsuits that were brought forth from home owners that were NOT satisfied with how their mold issues where handled. This compelled insurance providers to take a stand and they decided that handling mold was falls under home maintenance.
The best advice for home owners is to do periodic checks for mold and to have it removed immediately if it is discovered. Mold has a tendency to grow very quickly and can easily spread out of control. Mold also come with several health risks as well.
Discuss with your insurance agent if you are concerned with mold and see if there is any available coverage. Then decide if the extra you’d have to pay justifies the coverage you’ll get.
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Tags: home, home insurance, insurance