When Mold Strikes
Mold. We’ve all seen it. We all fear it. But does insurance cover it?
This potentially fatal substance develops around the areas of the house that are prone to water and moisture. In many cases, you’re regular run-of-the-mill homeowners insurance will cover the mold problem, but sometimes it doesn’t, which puts you at risk.
Home insurance policies will, without a doubt, cover you if the result is something called “covered peril.” A covered peril is an insurance term for an incident that caused the loss or damage that your insurance policy provides coverage for. Here are some common examples of these perils:
• Fire
• Lightning
• Vandalism
• Theft
• Falling objects
• The weight of ice, snow, or sleet on your home
• Water damage from frozen pipes and breakage of pipes
• Water damage from sudden accidental leaks or overflows of water from plumbing, heating, air conditioners, sprinkler systems, or household appliances
A caveat is that homeowners insurance does not cover flood damage which means if you get mold that is a result of a flood, you won’t be covered. This is one of those troubling flaws in the system that could lead to a mole infestation.
Among the scenarios where insurance companies cover mold are that of bursting pipes, a broken hose that connects your washer to the water line, and when roof snow melts into the gutters causing an ice dam. A homeowner is guaranteed to cover these complicated scenarios.
Insurance companies are a serious business and they expect you to take your home seriously as well. If you fail to report a mold problem, then the insurance company has all the right to deny your clam.
Oftentimes, people with mold issues call upon a licensed public adjuster to handle the tricky business.