Most insurance companies have wording in the policies that specifically express mold coverage. Often, if the mold is the result of a sudden cause, the homeowner’s policy will pay to have the mold removed. This amount is usually around $10,000. Most of the time, however, the insurance company will require that the source of the sudden moisture be remedied immediately. For example, if a pipe were to burst in your basement or a wind storm damages your roof, a moisture problem may occur. Mold needs moisture to grow and although there can be mold found in most structures, these levels are generally not at dangerous levels. But, a sudden increase in the level of moisture and humidity in the structure will create an envrionment that will likely increase mold levels to unhealthy and dangerous percentages.
Generally, the insurance company will require that the source of the moisture be corrected in order to approve your claim. It is important to refer to your insurance policy and contact your agent if the coverage of mold is unclear to you. Even though insurance companies do not usually cover mold removal from the gradual development and growth of mold or caused from neglected home maintenance, these types of claims are not always instantaneously denied. Your insurance company will assess your claim based on your specific circumstances. Prompt corrective action will help your cause.
Mold prevention and proper home maintenance is always best, but if you find yourself in an unexpected mold situation, don’t panic. Ask your agent if you are covered and how much your insurance company allows for mold remediation.