Understanding Your Coverage
Have you checked your mold insurance lately? There may be some gaps in coverage that need to be addressed ASAP so you’re covered for any and all unexpected problems.
Amount: For those who own a home, we fully support having at least $25,000 in coverage. For larger homes, we suggest bumping that number up to $50,000 at least. Unfortunately, when signing up for insurance coverage, most people unknowingly only select the option for $0 to $10,000 worth of coverage. That’s usually never enough to cover a mold problem. The cost of remediating a small contaminated area can quickly rise above $10,000 between equipment costs, consumables, products, and labor. The extra monthly cost is absolutely worth it in the event that you ever need to file a claim.
Exclusions: Make sure to ask about any exclusions that pertain to your coverage. Pay particular attention to the part of your coverage that mentions a “sudden and accidental occurrence.” This detail means that the insurance company only has to cover damage from mold that grew from a sudden incidence, like a pipe bursting. Mold colonies that grew because of poor ventilation or humidity controls are not covered (they’re considered homeowner’s neglect).
Understanding your coverage now will help prepare you for the costs you’ll be responsible for beyond the amount provided from your claim and fill in any existing gaps.