Mold Undermines Homeowners Market
Insurers ostensible fear of mold claims is making the placement of homeowners insurance a real challenge in California and Texas, two states most affected by the issue, agents and other industry officials say.
Jeff Craig, owner and partner of Monterey Insurance Agencies in Monterey, Calif., explained that carriers are unwilling to offer or renew homeowners coverage in the state if there has been any claim for water damage. This "overreaction" by insurers is a "knee-jerk reaction at its worst," Mr. Craig declared.
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