Is Mold Cut Out of Your Homeowner's Insurance Policy?

12/1/2021 (Permalink)

Most homeowner's policies exclude mold more than they do cover this form of secondary damage. Microbial growth occurs when water damage is not cleaned quickly enough or thoroughly enough to avoid leaving time for growth. Property owners can take three measures to determine if coverage for mold is available under the property insurance policy for a residence in Georgia.

1. Confirm the Terms of Your Policy 

The terms of each insurance policy are different. It is the policyholder's responsibility to go through these terms before signing up for coverage and paying premiums. You should check the status of mold under your property insurance sooner than later. A rider on and existing policy or additional coverage may be needed to offset the cost of mold remediation. 

2. Consult with an Insurance Representative

An insurance representative of the company that covers your home can explain the circumstances under which microbial growth could be considered a filing claim. Seeking independent advice may be preferable if you are experiencing a mold problem and do not want the rate to rise. 

3. Supplementary Residential Mold Coverage

Obtaining an endorsement can add some amount of coverage for mold to a primary property policy. Another approach may be to purchase a separate mold insurance policy. Make sure the limit of any policy will cover a large amount of the expense associated with remediating mold, which can range up to thousands of dollars. Microbial growth occurs when mold spores settle down on surfaces where access to moisture and nutrients is available. Property owners may be able to reduce the risk of mold growth by arranging for timely mitigation and cleanup within 24 to 48 hours of water damage.