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Finding Home Insurance Coverage For Mold Damage

2010-01-27

Many homeowners mistakenly assume that their homeowner's insurance covers mold damage. The sad truth is that if you have discovered mold damage to your home, you may be on your own. According to the Insurance Information Institute, home insurance only covers damages that are "sudden and accidental." Mold damage is something that occurs over time. Whenever you discover a mold problem, you should take care to remedy it immediately. Certain types of mold can pose a threat to your health. Stachybotrys mold should be closely guarded against as it is the most dangerous to the human health. According to the Insurance Information Institute, mold can grow in any place where ever moisture is present. The only way to inhibit the growth of mold is to minimize indoor humidity levels.

Finding home insurance coverage for mold can be daunting. In fact, most insurance coverage will limit mold coverage to only that which is sustained by water loss. For instance, a broken water pipe or washing machine hose that leaks water and damages a wall or floor is generally covered. Most home insurance quotes do not cover stachybotrys mold damage. However, mold is such a common problem that some states are now considering mandating at least a minimum amount of coverage for it. When trying to find insurance coverage for mold, you should check with your state's department of insurance regulations for the latest on mold coverage.

More often than not, insurance policies will list mold as a specific exclusion, or will limit it to covered water damage. If you are not sure what your policy covers, you should take a look at it and read all of the exclusions. You may be able to buy mold coverage at an additional cost. Ask your insurance agent about it if you already have a policy. If you are looking for a new policy, be sure to ask for insurance quotes that cover mold loss when you are shopping for homeowner's insurance.

As stated, some companies will offer mold damage at an additional cost. The price tag for the coverage can vary with different insurance companies. Even then, the mold coverage they offer may be limited coverage. For example, the insurance company may only pay for a mold cleaning, but will not cover the costs for a complete restoration. Even though finding homeowner's insurance coverage for mold damage is a daunting task, if you are persistent, you will be able to find an insurance company that is willing to cover it.