clock June 14, 2016 comments No Comments flowchart Family & Home CareHomeowners InsuranceOur Blog tag Property Maintenance
a moldy wall that is not covered under the homeowners insurance policy

Mold is a four letter word, and it’s one we’d often rather not think about. Nonetheless, it poses risks to your health and your property when it gets out of hand. It also indicates your home has additional problems.

You could have a leaking roof or dishwasher, high humidity levels, or flooding behind finished walls. When moisture sits, mold runs rampant. A home full of mold is not only unsightly – it is also dangerous for your health and it devalues your home. If you do not eradicate it, you won’t be able to sell it either.

Mold Limitations

Most homeowners aren’t aware that their basic Rhode Island homeowner’s insurance policy might exclude or severely limit coverage for mold damage. Business owners face similar limitations and exclusions.

Mold remediation is a costly business. The average claim is between $15k and $30k. A water damage insurance claim involving mold remediation, on average, costs five times higher than a normal water damage claim.  This is why many policies have sub limits for mold damage and many states have mandatory endorsements that amend insurance limits for mold damage. These limits vary by state and by policy type. Be sure to ask your agent if your home, property, or business insurance policy covers mold and if so, what the limits are.

Prevention

Avoiding claims is an obvious first step. Scheduled roof inspections and debris removal are an essential method for maintaining roof integrity. Check around the foundation for pooling water and rectify basement leaks immediately. Avoid carpet in lower levels of your home or business, because they make it more difficult to detect water damage and they accumulate moisture. Regular inspections of all water fittings throughout your property can reduce the likelihood of leaks.

Also ensure that you maintain proper humidity levels using exhaust fans and dehumidifiers. Experts recommend humidity levels of between 30% and 50%. A clean home is also less likely to grow mold, particularly when you use mold-killing cleaners in high humidity areas such as the bathroom and kitchen.

A wise way to spot water issues is to monitor your water bill closely. If you see spikes in consumption, it may indicate a leak you’re unaware of. Ensure you turn your water off when you travel.

Protect Yourself

Protect yourself against the high costs of mold and mildew damage through damage prevention, quick detection, and immediate attention when you suspect a problem. Remediation is expensive, time-consuming, and can decrease your chances of insuring and selling your property in the future.

We’d be more than happy to review your current insurance policy and to answer any questions you might have. Give us a call at 401-723-8510 or drop by our Pawtucket office, today.





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