Comments on: Should homeowners insurance cover mold in basement – covered previous claim due to basement flooding? http://insurance.hirby.com/should-homeowners-insurance-cover-mold-in-basement-covered-previous-claim-due-to-basement-flooding/ Tue, 07 Feb 2012 02:09:13 -0800 http://wordpress.org/?v=2.8.5.2 hourly 1 By: mstrobert http://insurance.hirby.com/should-homeowners-insurance-cover-mold-in-basement-covered-previous-claim-due-to-basement-flooding/comment-page-1/#comment-16671 mstrobert Fri, 13 Nov 2009 17:03:06 +0000 http://insurance.hirby.com/should-homeowners-insurance-cover-mold-in-basement-covered-previous-claim-due-to-basement-flooding/#comment-16671 You need to read your policy. Many of them (like mine) do not cover mold. When they say they are not responsible, are they saying your policy does not cover mold, or it covers mold you just don't have a valid claim? You need to read your policy. Many of them (like mine) do not cover mold.

When they say they are not responsible, are they saying your policy does not cover mold, or it covers mold you just don’t have a valid claim?

]]> By: Don http://insurance.hirby.com/should-homeowners-insurance-cover-mold-in-basement-covered-previous-claim-due-to-basement-flooding/comment-page-1/#comment-16672 Don Fri, 13 Nov 2009 17:03:06 +0000 http://insurance.hirby.com/should-homeowners-insurance-cover-mold-in-basement-covered-previous-claim-due-to-basement-flooding/#comment-16672 Most insurance policies will no longer cover mold claims. You must read your policy to find out. As far as the water seepage from out side they would not be responsible for this since it is an engineering problem from when the house was built. It sounds like you need to install some french drains on the outside and fix your house yourself. Most insurance policies will no longer cover mold claims. You must read your policy to find out. As far as the water seepage from out side they would not be responsible for this since it is an engineering problem from when the house was built. It sounds like you need to install some french drains on the outside and fix your house yourself.

]]> By: mbrcatz17 http://insurance.hirby.com/should-homeowners-insurance-cover-mold-in-basement-covered-previous-claim-due-to-basement-flooding/comment-page-1/#comment-16673 mbrcatz17 Fri, 13 Nov 2009 17:03:06 +0000 http://insurance.hirby.com/should-homeowners-insurance-cover-mold-in-basement-covered-previous-claim-due-to-basement-flooding/#comment-16673 They aren't. Most companies have put absolute exclusions on mold coverage - a few have limited it to $5,000 or $10,000, when in conjunction with another loss. The problem is what you say - it's just going to happen next year. If the insurance company had to pay out $5,000 every year for your house, (and all your neighbors' houses) how much would YOU have to pay in premium? A way lot more, like, increase your premium by $5,000. And the insurance companies would go broke. Then you wouldn't have any insurance when your house burnt down. You have a water problem. You need to fix the water problem. You need to eliminate the path. This is now a maintenance issue. They aren’t. Most companies have put absolute exclusions on mold coverage – a few have limited it to $5,000 or $10,000, when in conjunction with another loss.

The problem is what you say – it’s just going to happen next year. If the insurance company had to pay out $5,000 every year for your house, (and all your neighbors’ houses) how much would YOU have to pay in premium? A way lot more, like, increase your premium by $5,000. And the insurance companies would go broke. Then you wouldn’t have any insurance when your house burnt down.

You have a water problem. You need to fix the water problem. You need to eliminate the path. This is now a maintenance issue.

]]> By: Gambit http://insurance.hirby.com/should-homeowners-insurance-cover-mold-in-basement-covered-previous-claim-due-to-basement-flooding/comment-page-1/#comment-16670 Gambit Fri, 13 Nov 2009 17:03:05 +0000 http://insurance.hirby.com/should-homeowners-insurance-cover-mold-in-basement-covered-previous-claim-due-to-basement-flooding/#comment-16670 The only time water ingress from the outside (non-flood) is covered is if something that is covered by the policy makes a hole in the building exterior first. So water entering because of cracks in the foundation or the water erode the mortar in a brick/concrete block foundation is not covered. Water that enters the home during a rainstorm after someone runs their vehicle into your home would be covered, because vehicle impact (other than your own) is covered. Damage caused by mold, rust, corrosion, wet or dry rot, and condensation are always excluded under any property policy. Losses insured under a property policy need to be sudden and accidental. The perils I just listed all occur over a period of time. That and the perils I listed are maintenance issues. The only time water ingress from the outside (non-flood) is covered is if something that is covered by the policy makes a hole in the building exterior first. So water entering because of cracks in the foundation or the water erode the mortar in a brick/concrete block foundation is not covered. Water that enters the home during a rainstorm after someone runs their vehicle into your home would be covered, because vehicle impact (other than your own) is covered.
Damage caused by mold, rust, corrosion, wet or dry rot, and condensation are always excluded under any property policy. Losses insured under a property policy need to be sudden and accidental. The perils I just listed all occur over a period of time. That and the perils I listed are maintenance issues.

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