Saturday, December 7, 2013

Understanding Mold and Water Damage Coverage

Homeowners insurance is not only important for securing your home and valuables, it can be extremely important for your peace of mind. Unfortunately, choosing the right company to purchase your insurance from can be confusing and frustrating.

There are several important exclusions from the basic homeowner's policy that every homeowner should be aware of. Mold is one of the most prominent. In many humid and wet climates, most homeowners are almost assured to run into mold problems at some point. It is important that you take steps to minimize or even prevent damage if possible.

Mold can be insidious, and has many sources. A burst pipe, damage from a storm, or rising water can cause mold, or even improper ventilation can lead to an infestation of mold. No matter the source, insurance coverage for either mold or water damage varies a great deal with different policies, or can be excluded altogether. Some insurers offer ten thousand dollars of limited coverage, but a higher amount is available for those who are interested. Any changes have to have been approved by the States Office of Insurance Regulation.

Some ways to limit the damage, or prevent it are:

- Address any source of moisture immediately if at all possible
- Quickly see to any reasonable and necessary repairs
- If feasible, remove any moisture. If the damage is severe enough, call a water extraction company.
- If possible, move soiled items to a secure and dry area
- Pull up wet rugs or carpets as soon as possible
- Increase air circulation around wet areas

No matter what steps you take, keep detailed and accurate records, including receipts. Take photographs from every possible angle to document the damage, even during repairs. Retain any damaged articles unless your insurance company instructs you to dispose of them. Speak with your agent or broker to give verbal and written notice of the damage. Then you can determine if your loss is covered and by how much.

It is in your best interest to prevent or decrease the amount of damage as much as possible, especially when mold is involved. Insurance claims that include mold damage are significantly higher than those without. Certain molds pose not only a risk for property damage, but significant health risks as well. Many individuals have a negative reaction to mold spores, and some types of mold will cause a reaction in anyone exposed.

Protect your home, and your family. Minimize the potential for mold damage by securing your home from flooding or excess moisture. In the event that you incur water damage beyond your control make sure to take the appropriate steps in handling any further damage. Make sure you read your insurance policy carefully so that you know your options concerning water or mold damage. If you have any questions or concerns make sure to speak with your agent or broker.

Robert Colucci represents 37 homeowners insurance in FL companies. Click or call 352-200-2066 today for your next homeowners insurance in Florida policy.
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