Mold Insurance

It seems that you can get anything insured nowadays, whether it is a prized possession, an everyday essential, or a body part.  In the same vein, it is possible to be insured against all sorts of untoward events, from natural disasters to man-made catastrophes.  Considering that this is the current climate, you would think that obtaining coverage against the harmful effects of mold contamination would be a fairly standard endeavour.  After all, mold infestation problems are fairly common, and can cause severe property damage, if not injury to a person’s health.  Unfortunately, a rush of mold-related insurance claims and litigation in the early 2000s has caused insurers to become paranoid about million-dollar lawsuits.  Subsequently, insurers have elected either to exclude mold from their standard coverage, or charge a hefty premium for its inclusion.  This situation is becoming increasingly sensitive due to the fact that professional mold remediation can be rather expensive, with the alternative being an infestation that literally eats one out of house and home.  Insurance regulators and the government are stepping in to try and mediate between the conflicting interests at stake here, but for now, many policy holders find themselves sparring with their insurance companies all the way into the fine print on their contracts. 

If you are an insured property owner and are looking to collect after mold contamination wreaks havoc on your place, make sure you read your policy very carefully to determine whether or not you can force a valid claim.  For instance, if the mold damage is the secondary result of a defect that is covered, like water damage, the insurance company may pick up the bill for the mold remediation that has to be performed after repairs are made.  The point of contention will be the primary cause of the mold infestation, which hopefully will be one of the covered causes in the policy.

When mold damage strikes, the first thing you should do if you suspect situation for a valid claim is to report it immediately to your insurance agent, and put everything in writing.  Be firm but courteous, and try to elicit the cooperation and sympathy of your claim adjuster rather than his animosity.  Take copious notes of every person or organization that you deal with en route to substantiating and proving your claim.  Be sure to confirm any agreements that you make on paper, and be a stickler for appointments and deadlines that have been set.

Since part of the insurance claim assessment is scoping out the damage, the best you can do for now is to keep any property from being wrecked further.  However, do not conduct any permanent repairs, or get rid of any property that may have to be thrown away until it has been recorded and assessed.  A material misrepresentation, or a discrepancy in your statements, may give cause for an adjuster to reject your claim outright.  Be fair in your estimation of the value of damaged items, and make sure to state the basis for your valuation.     

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