Mold Insurance Is Tricky Stuff So Be Sure To Read Your Policy Closely

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If you own a home and you’ve just discovered you have mold growing in it, you may believe that mold insurance is already covered in your homeowner’s policy and they’ll reimburse you for the clean up. Well, I hate to be the bearer of bad news, but that policy won’t cover those costs.

It’s an all too common problem simply because many areas like the Gulf Coast and other areas are prone to moisture and as a result many people often experience a problem with mold growing in their homes. And of course because of that problem, most insurance companies do not want to pay for those costs.

So instead, they’re offering homeowners the option to pay extra for that type of coverage. But what most homeowners don’t realize is they can be paying anywhere from $50 to $1500 a month for that extra coverage.

And, that coverage may only be limited to a maximum of $25,000 in damages and clean up. So, if you have an entire basement covered in the fungi, you may still need to pay out of pocket expenses that aren’t covered by the company for the cost of black mold removal.

You may also be in for a shock when you’re told that a particular area where the fungus growth has occurred in your home isn’t covered. It’s not uncommon or illegal for a company to do that. They can limit the coverage, the area, the damages caused and even the types of mold that are covered.

It’s a very sticky situation and for many homeowners, one that has in the past become a battle in court. Still, it’s not a lost cause. When the damages claimed are handled correctly, it can be a breath of fresh air when you do not have to worry about how you’re going to pay for the damages caused by mold.

But, it’s also always better to minimize the risk of mold invading your home in the first place. You can do so by:

• Repairing any water leaks that your home may have immediately. Mold can form in less than 24 hours, so it is absolutely necessary that you make this your number one priority in prevention.

• Keep your nose on the hunt for a damp, musty smell, which is a sign of a fungus problem. Also keep your eyes open for any water stains on sheet rock and discoloration on ceilings and floorboards.

• Keep moisture at a minimum by investing in a dehumidifier. You can also minimize humidity by using an air conditioner or central-air-cooling system.

• Make sure your exhaust fans are working and open windows when the weather allows it. Remove any debris from the exhausts of your clothes-dryer and when possible hang your clothes to dry (especially in the summer months).

• Clean any mold growth immediately. Be sure to use products that are designed to specifically kill mold and prevent it from coming back. Or, if the job is simply too big for you to handle, hire a professional to remove the mold.

If you’re worried about costs, there are other alternatives to mold insurance. A great start is to check with your city about the different homeowner programs they may have available.