Does Your Homeowner’s Insurance Policy Cover Mold?

home-insurance-for-moldSince we’ve been talking about mold and the damage it can do to your home we thought we’d take a moment to discuss the role that homeowner’s insurance plays in dealing with mold-related problems. You may be assuming that your homeowner’s insurance policy has you totally covered if the worst comes to pass.

Unfortunately, that’s rarely the case unless you consciously took the time to build mold coverage into your policy. Very few homeowner’s insurance policies cover mold.

A basic policy, in fact, usually specifically excludes mold coverage.

You can sometimes still get mold dealt with under a basic policy, but only under specific circumstances. For example, a pipe bursts in your home through no fault of your own. Mold results.

The policy might cover cleaning up the mold as a side effect of the burst pipe, but in the eyes of the insurance company they’re covering burst pipe damages, not mold. They won’t cover mold that’s your own fault, such as mold that shows up in your home because your gutters weren’t cleaned or properly repaired.

Flooding isn’t usually covered either, as most of us here in Florida know. Flood damage, and the mold that comes with it, can usually only be covered by a specific flood rider.

This is all pretty scary when you consider the fact that 22% of all homeowner insurance claims are water-related. The dollar amount of the average mold claim ranges between $15,000 to $30,000.

When the typical policy covers mold at all it usually covers it only up to a limit of $10,000. Yikes.

You can sometimes deal with the problem by purchasing a special “mold rider” for your policy. You can expect to pay $800 to $1500 annually for such a rider.

If your home has made a mold claim before, however, it can have an adverse effect on your ability to get such a rider. It can also make it difficult to get homeowner’s insurance at all. When you do get the insurance it’s likely to be pricey.

All of these are just more reasons why you should prevent mold in your home by keeping your gutters clean and in good repair.

Don’t want to clean your gutters yourself? We understand. We offer gutter cleaning and repair services to homeowners in St. Petersburg, Largo, Clearwater, and the rest of the Tampa Bay area. Call us today for a free estimate.

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