Homeowners Unaware of Mold Cover Exclusions
NU Online News Service, Jan. 14 11:28 a.m. EDT?With 43 states now permitting mold damage exclusions on policies, most homeowners are not sure if their insurance covers such claims, according to a recent survey.[@@]
In a nationwide poll of 1,362 homeowners commissioned by the West Hartford, Conn.-based Environmental Assurance Group, 64 percent said they were not sure of their mold damage protection, and 13 percent said their policies did include mold coverage.
The survey was conducted by Harris Interactive.
EAG principal Charles Perry said that homeowners could be in store for major financial loss if mold cleanup is necessary.
In states where coverage is not excluded, "the deductibles are so high, or the restrictions to filing a claim so extreme, that it is coverage in name only," Mr. Perry said.
A total of 52 percent of U.S. homeowners are also not sure if mold-resistant practices and products were used in the construction or remodeling of their most recent home, while 34 percent said mold-resistant practices and products were not used. Fourteen percent said mold resistant techniques and materials were used.
Mr. Perry said since so few homeowners are covered, awareness of new anti-mold practices has become increasingly important.
He suggested people building homes should look into mold-resistant building products such as inorganic non-woven house wrap, fiberglass insulation, raised floor systems and paperless drywall.
"Paper is food for mold, and without food mold cannot live," Mr. Perry said.
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