Mold Insurance Coverage
Mold has always been a problem, but it's only in recent years that many of us have
learned that it's
potentially hazardous to our health, which is why homeowner's insurance with mold coverage is something more and more people are
looking for. Unfortunately, we're less likely than ever to be covered for mold problems.
This is because liability claims for mold damage have increased a great deal in recent years, so many insurers have decided to reduce coverage--some have eliminated it altogether.
So, what can you do to make sure you're protected?
Take a close look at your existing policy to see if you're covered (if you're not sure about all the legalese, don't be afraid to call up your insurer or agent).
If you don't currently have protection ask your insurer about your options. Chances are you'll be able to pay an additional $200-$300 a year for $25,000 of "mold remediation coverage." That's generally the minimum amount of coverage you'll need.
Who needs to shell out extra bucks for mold insurance? It really depends on where you live. If you live in a high humidity area, such as the South, or a very damp area, such as the Pacific Northwest, you'd be smart to look into it.