Mold Damage Affecting Homeowner Insurance

December 13, 2018

 

Mold Damage Affecting Home Insurance

One problem that often goes undetected in your home until it is too late is mold damage. Once mold begins to grow in your home, especially in hidden places, it can often go undetected until it is too late and has caused cosmetic and functional damage. A home inspection can uncover this problem with acute precision before it gets too late, saving you time filing an insurance claim and money.

If you ever get mold damage, you have two options to pay for the damage. You can either pay for the damage out of pocket or file a claim to pay for the damage. If you decide to pay out of pocket, you can negate the hassle going through the claim process, but you will have to pay more initially. If you file a claim to pay for the damage, you may save money fixing the damage, but your claim history will be affected, which will likely increase your monthly insurance premiums thereafter. 

If you decide the latter, the insurance company will only cover the claimed damaged if it occurred under a “covered peril.” This most often includes:

  • Fire

  • Lightning

  • Vandalism or malicious mischief

  • Damage caused by vehicles

  • Theft

  • Falling objects

  • Weight of ice, snow, or sleet

  • Accidental discharge or overflow of water or steam from plumbing, heating, air conditioners, sprinkler systems, or household appliances

  • Frozen pipes

 

Some policies don’t even cover mold. It is recommended that you understand your policy for this as well as any other hazards that your insurance covers. If you find out that you are not covered, you can ask for mold protection, but it can be pricey. Especially if you live in an area where mold is common. You can also purchase an endorsement or rider policy to cover this peril.

 

However, it is important to note that your insurance will not cover the damages when you as the homeowner are negligent to the mold problem. There are cases when home insurance companies will not cover the damage when the home owner is negligent and fails to fix the problem in a timely manner.

 

Your policy will not cover mold that resulted from a preventable water leak, flooding, or high humidity. Confront household issues as soon as you become aware or hire an inspector if you are unsure and want proof of mold taking place.

 

For example, if someone notices a minor leak but fails to do anything about it since the amount of water leaking seems negligible. Over time, however, that leak could cause mold to spread throughout the surrounding area. If he or she tried to file a claim for the leak—and the resulting mold—weeks or even days after the leak became apparent, the insurance provider would likely claim that he or she failed to act immediately and therefore would deny coverage.

 

If you ignore it and mold spreads, you’ll have an even bigger problem on your hands. This is where home inspection can prevent negligence by your part by evaluating and fixing the problem before the real damage gets the point of negligence.

 

A home inspection will give you peace of mind knowing that your home is mold free. Our expertise knowing what to look for can save you a hefty penny and mitigate the hassle going through an insurance claim to fix the damage.

 

Article written by: https://quotewizard.com/home-insurance

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