Mold infestation is a common occurrence in homes. Statistics suggest that nearly 70% of homes contain mold. Besides causing damage to your home, it can be a health hazard for you and your loved ones. While you must take steps to ensure that your home is free of mold, you must also learn if your homeowners insurance covers mold growth, when your insurance covers it, and when it does not.
If the mold growth in your home is caused by a covered peril and is accidental in nature, your insurer may compensate you for the money that you spend on its removal. The causes may be sudden flooding by:
Mold growth due to flooding caused by natural elements can also be covered, but for that, you need to have an added flood insurance policy as it is not included in standard homeowners insurance.
If your insurer, on assessment of the condition, determines that mold infestation is due to your negligence, it may not be covered by homeowners insurance, even if it is caused by a covered peril. Your insurer may deny you coverage for the following:
The amount that you may receive for mold coverage by a covered peril is limited. While it may vary from one insurer to another, the amount is usually between $1,000 to $10,000. For increased coverage, you may buy a policy rider for an additional cost. The two options that you may consider are:
It may cover mold growth due to flooding caused by a water backup incident.
It may cover mold growth in moist areas not visible such as spaces behind cabinets or under the floor.
As soon as you discover mold growth, you must file a claim so that with the money you receive from your insurer, you can take measures to limit the extent of its damage. To file a claim, you must:
Based on the adjuster’s assessment, you may or may not be reimbursed. While for smaller areas, you can do the clean-up for mold removal on your own, for larger areas, you may need professional help, which can be expensive.
You must ensure that your homeowners insurance has adequate coverage to cover the perils that may cause mold infestation in your home. For more information, contact our team today. At Expert Insurance, we have the expertise to find you the coverage best suited to your unique needs.
