Mold is something that nobody wants in their home. Sometimes it gets in though without us realizing or after a flood. Whatever the reason that the mold is there it’s important to get rid of it. If you have it though you’re probably wondering if it’s covered with your homeowner’s insurance. We found this article to answer just this question!
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From the article:
Mold strikes fear into the hearts of those who???ve heard horror stories about toxic mold, expensive mold remediation, and denied home owners insurance claims. Yet mold can be found anywhere, including in most homes. It???s usually harmless.
Mold and home owners insurance
Most basic home owners insurance policies exclude coverage of damage caused by mold, fungi, and bacteria, says Mark Ferguson, property claim specialist with General Casualty Insurance in Sun Prairie, Wis. Yet that doesn???t mean a mold claim will be denied automatically.
In most cases, if mold results from a sudden and accidental covered peril, such as a pipe bursting, the cost of remediation should be covered, says Ferguson. That???s because technically the pipe burst is the reason for the claim, not the mold itself. Claims are more likely to be rejected if mold is caused by neglected home maintenance: long-term exposure to humidity, or repeated water leaks and seepage.
It???s hard to put a precise dollar figure on mold damage because most insurers don???t separate mold claims from water-damage claims, says Claire Wilkinson of the Insurance Information Institute. About 22% of all home owners insurance claims result from ???water damage and freezing,??? a category that includes mold remediation, according to the III. A 2003 white paper on mold from the III put the cost of the average mold claim between $15,000 and $30,000, at least five times the average non-mold home owners claim at that time.
After a rush of mold claims in the early 2000s, most states adopted limitations on mold coverage. Amounts vary, but a typical home owners policy might cover between $1,000 and $10,000 in mold remediation and repair, says Celia Santana of Personal Risk Management Solutions in New York. Most policies won???t cover mold related to flood damage. For that, home owners need separate flood insurance, which averages $540 per year through the National Flood Insurance Program.
Have more questions about mold? Checkout this article about mold for busy homeowners that could be of interest to you.
Read the entire article here: http://www.houselogic.com/home-advice/home-insurance/homeowners-insurance-mold-covered/#ixzz2al89GsMw