You have insurance on your home, but are you protected from the silent pests that can cause costly repairs? The standard homeowner’s insurance policy may cover some of the damage caused by unwanted pests, but what about when it comes to damage caused termites and mold?
You may not realize you have a problem with either of these pests until much damage is done to your home. Both mold and termites are silent invaders. Once you start to notice a problem, there is likely much more damage than what you can see. That is why you will want to be sure you have adequate coverage on your home.
Understanding mold will help us to explain what is and is not covered by most homeowner’s insurance. Mold loves moisture. You can usually find it anywhere there has been a leak or in a damp or humid environment. Most homes will have a small amount of mold somewhere inside. The key is keeping it from spreading. A severe mold infestation can not only cause damage to your home, but also severe health problems. While you may be counting on your insurance policy to cover any major repairs, there are usually some exclusions.
If mold has grown due to a busted pipe, likely your insurance policy will cover the repairs. However, if the mold growth can be traced back to poor maintenance, repeated leaks, or improper ventilation, then the cost may fall on you. Also, if flooding occurs due to rising water near the home and mold grows as a result, this will likely not be covered by your insurance company. Living near a lake, river, or pond may require a flood policy in addition to your normal insurance policy.
To clarify what is and is not covered by your policy, call your insurance company. Mold can be a serious problem, and if your home provides a moist environment for it to thrive, you may need to make sure you are prepared and not left draining your bank account for repairs.
If you are a homeowner, you have likely wondered about termites at some point. These little pests are so sneaky that you usually don’t know you have a problem until your home is at risk for serious issues with the structure of your home.
The National Pest Management Association says that termites can cause $5 billion of damage each year. Scary, right? The good news is that you can protect yourself and your home.
Monitoring and treatment is available to all homeowners either on your own or by hiring a professional. Some mortgage companies require annual checks for termites. If your’s does not, it still may be a good idea to put your mind at ease. Catching these pests early in their destruction could save you a significant amount of money in repairs.
Homeowner’s insurance is not only necessary, but it is also very helpful when devastating events happen to our homes. You need to know exactly what your policy covers and make sure you are comfortable with that coverage. If not, discuss what other policies are available to you with your insurance agent. It may be that the premiums you pay for the extra coverage actually saves you money in future repairs.