Does Homeowners Insurance Cover Mold Damage?
The perils covered by homeowners insurance policies vary depending on the insurer. Mold damage can be costly, and several insurance companies have restricted or eliminated coverage for this risk under standard policies. If you are concerned about fungus growth at a residence in Oviedo, FL, try to identify the problem's source and check your policy for mold coverage.
What Caused the Damage?
Restoration experts commonly refer to mold as secondary damage, as fungal growth typically results from direct water damage. Insurers may be more likely to cover mold that results from one of the following covered perils:
- Appliance leaks
- Broken or burst pipes
- Pipe leaks
Even if a policy does not cover the cost of fixing the problem, the resulting damage may be covered. Check your policy and contact an insurance agent or adjuster.
What Are the Limitations on Coverage?
Many homeowners insurance providers have cut out or limited the amount of coverage for fungus growth. An insurer may restrict coverage in several ways:
- Excluding mold damage
- Only covering testing or cleanup
- Refusing to cover properties with a history of mold
Read your policy carefully to determine whether there are any conditions under which mold is covered. If mold is not covered, you may want to add an endorsement.
Can You Buy Endorsements?
It may be possible for policyholders to pay for limited mold coverage. Ask your insurer whether any endorsements are available. This option may be costly, especially if your residence has a history of mold.
Standard homeowners policies may not cover fungus growth. Homeowners should determine the limitations of their coverage and decide whether to obtain additional mold insurance. Paying for remediation out of pocket can be very expensive. The best way to prevent mold growth is to mitigate water damage as quickly as possible by relying on a restoration company in Oviedo, FL.