When high levels of humidity and moisture exist, it can create an environment conducive to the growth of mold spores. Mold can quickly invade your home – compromising the indoor air quality and causing costly structural damage.
If moisture develops around pipes oftentimes it is noticed by the homeowner almost immediately. However, sometimes moisture festers in ceilings and wall cavities, and can go unnoticed for quite some time. As mold grows, the indoor air quality of your home can become contaminated and could require extensive abatement and reconstruction costs.
A basic homeowners, condo, or renters insurance policy includes property coverage up to $10,000 and liability coverage at $50,000. Known as limited fungi, wet or dry rot, or bacteria coverage, it covers the property damage, up to $10,000, resulting from damage by any type or form of fungus. This would include cost to remove mold from the property; cost to tear out and replace any part of the building or covered property as needed to gain access to the mold; and cost of testing air quality of the property.
There is additional coverage available at the insured’s request. Through an endorsement on your homeowner’s insurance policy, property coverage can be increased from $10,000 to $25,000 or $50,000. Also, liability can be increased from $50,000 to $100,000. Please remember that coverage only applies when such a loss is a result of a peril during the policy period. An example of this would be a tree falling on your home, damaging your roof, and causing a roof leak. Coverage would not apply if your roof leaked as a result of normal wear and tear.
If you would like additional information on protecting your home from the dangers and expense of mold, please contact Thorp & Trainer at 401.596.0146.