Is your property currently insured? That’s great news. Does your home insurance policy cover mold? Homeowners insurance policies often include vague wording regarding mold coverage. This makes it difficult to determine the policy covers mold remediation services Denver Colorado. Homeowner insurance policies do not generally cover mold damage, except when the mold is the result of a covered claim, such as water damage.
Standard homeowners insurance policies cover you against water damage caused by sudden and accidental incidents, such as burst pipe or an overflow resulting from a malfunctioning AC unit. If these issues are the primary cause of mold growth in the home, you are eligible to file a claim for mold remediation. This also covers costs associated with fixing the property damage caused by the mold infestation.
When to file a claim with your insurance company for mold growth
A fire outbreak in the home. To put out the fire, firefighters use water. the excess water, if not drained as quickly as possible, could result in old growth. When this happens, then you can file a claim for mold removal as a result of the fire outbreak
Your water heater ruptures, releasing water that causes black mold to grow on the surrounding walls
Damaged, leaking dishwasher that leaves behind a flooded kitchen. This can cause mold growth along the base of your kitchen cabinetry.
How Much Will Insurance Pay for Mold Damage?
Mold remediation can be costly. Apparently, insurance companies are notorious for always finding ways to reduce their risks. They will always find ways to reduce the compensation you rightly deserve, regardless of whether it is a covered peril.
If you are looking to buy mold coverage above the amount stipulated, then you can always add it as an optional rider. You can always get it anywhere you reside in the country. However, people living in mold-prone states will pay higher
When Homeowner Insurance Policy Does Not Cover Mold Remediation
Mold caused by your act of negligence will be excluded from your home insurance policies. It is your duty to conduct period property maintenance, to keep in great shape. Something a little as a minor leak could cause major mold issue in the home. If you filed a claim for the leak and the resulting mold days or weeks after the leak became apparent, your insurance company would likely not cover such expenses partly because you failed on your responsibility. This issue can be prevented if you had acted fast, hence coverage denied.
Also, insurance company do not cover mold caused by a regional flood. To complement this, you can purchase a separate flood insurance policy. If you do this, then any mold infestation in the home is covered. There is a clause to this. The policy only covers mold damage caused by a flood. Any other reasons other than that will be excluded.
A fine example of when mold infestation is excluded from your coverage include
- Yearlong damaged bath tub, resulting in mold growth
- Failure to invest in a dehumidifier to combat mold growth in the basement, despite living in a humid climate