Can Mold Be Covered Under Insurance?

12/18/2017 (Permalink)

Can Mold Be Covered Under Insurance?

Sometimes fungus growth can end up costing homeowners a lot of money. The cost to have it removed and to repair damages can be extensive. If your home floods unexpectedly, mold can grow in as little as 24 hours. When this happens, how can you afford to pay for damages? This is where mold coverage comes in.

What is Mold Insurance?

Insurance coverage for mold would cover any damages caused by mold or fungus to your property. Some insurance companies don’t cover these damages, but some will if a sudden disaster led to the fungus growth. However, even if you have coverage, there may be a cap on how much they will spend or how much you have to spend first. Additional coverage is added to your policies at an additional fee.

Is it Necessary?

When people first consider mold insurance, they aren’t always convinced that they’ll need it. There are a few reasons why you might want to consider it, however. Here are a few factors that can tell you that you need it:

You live in an area prone to natural disasters
You live in a warm, wet climate
You live in an older home
You live in a home that uses gas heating

Can You Get Covered?

Most homeowner’s insurance coverages do not cover the damage associated with mold. Now, if you manage to talk to a remediation expert or an insurance adjuster, they may be able to discuss your options with you. This can mean add-ons to your current insurance. In some cases, if you think that you’ll need coverage, you may have to consider a new plan entirely. If you live in an area that floods often, then flood damage insurance may be able to help with damages caused by fungus growth.

Mold can be more than an annoying problem. It can be an expensive problem. This is why homeowners living in Greeneville, TN should seriously consider mold insurance. Visit http://www.SERVPROgreenecounty.com for more information on mold.