Does My Commercial Insurance Cover Mold Damage?
Hurricanes, flash floods and even severe thunder storms can leave your Seahurst,WA, business struggling with water damage and mold. One of the first things that comes to mind is whether your commercial insurance policy will cover all or part of the damage. Here’s a primer to help you understand just what you may face when trying to get coverage following mold damage.
There are thousands of types of mold, which is defined as a fungus that thrives in continually moist environments. Most types don’t cause trouble. But some forms can create problems including
- Discomfort among those who have mold allergies
- Damage to wood, drywall, furniture and other materials
- A musky, unpleasant smell
These are just a few of the things that make mold such a pain that business owners typically want to remove it immediately. Unfortunately, mold removal can be costly, so insurance help with the bill is ideal.
What Does Insurance Cover
Starting in the 1990s, many commercial insurance providers started adding mold exclusions. Before you sign up for a policy, or before you face mold damage, take a look at their approach to mold. Check for exclusions that refer to fungus. Fungus exclusions are common and apply to loss or damage caused by the presence, growth or spread of fungus, wet or dry rot or bacteria. This typically includes mold or mildew as well as their toxins, spores and even scents.
Fortunately, there are still limited coverage commercial insurance policies out there. If you have one, be aware that while they may cover fungus, they often require that it be the result of a specified cause of loss. Other times they may only provide reimbursement if flood coverage is specified.
Mold remediation can be costly, but with the right mold insurance coverage, you can keep more of your money in your pocket. Do your research when choosing or changing your insurance to lessen the expense.