Will Your Insurance Cover Mold Damages to your home?

2/1/2022 (Permalink)

SERVPRO of Friendswood/Pearland, Stafford, Missouri City North and Fresno is Here to Help with mold damage found in your home or business.

Understanding Mold damage and Insurance

Fungus growth is typical in Houston and mold damage can interrupt your business. Will your commercial insurance cover the expense? The answer depends on your policy and the circumstances.

Understand Commercial Mold Insurance Basics

There are several different types of insurance that business owners should carry in case of mold damage. Each is applicable in various circumstances:

• Liability – Might cover another’s mold remediation expenses if you are at fault
• Property Damage – Pays to repair mold damages to your property
• Worker’s Compensation – Covers the costs of mold-related illnesses for employees

Mold coverage and claims are tricky. Fungus growth is a naturally occurring phenomenon. Insurance providers have become reluctant to cover claims related to mold infestations in situations when claimants ignored their responsibility to perform proper maintenance and repairs.

Check Your Policy

If your policy dates back far enough, you may already have adequate insurance, but it is possible your insurance company added mold damage to the list of exclusions. Additional mold insurance may be required.

If you do carry mold insurance, you still have a responsibility to care for the property and keep it maintained. Insurance providers do not want to pay for unnecessary repairs. Failure to have your location inspected regularly or refusal to repair known leaks in the plumbing may disqualify a claim.

Know the Differences in Claims

If you have discovered excessive fungus growth around your place of business, you may file a primary claim. Essentially, you seek costs for yourself directly related to your situation. An adjuster looks at the case, and your insurance company determines if the claim has merit.

In some instances, you may need to file a third-party liability claim. If you are a landlord or are responsible for a property in some way, tenants may sue for damages related to mold. Your insurance policy could cover some of the costs of your legal expenses or pay mold related expenses for your clients.

Get Your Business Inspected

Regular inspections identify mold, point out trouble spots, and keep your insurance policy in good standing. A professional mold remediation company helps you maintain your property and reduces the risk of infestation.

SERVPRO of Friendswood/Pearland, Stafford, Missouri City North and Fresno is Here to Help with mold damage found in your home or business. Call us today at (281) 412-6211.