Mold is one of the least understood damage types when it comes to insurance policies. That’s because mold can be caused by several perils such as a hurricane, storms, and water damage. Even a broken pipe or leaking toilet can lead to mold. Home insurance policies cover mold damage, but you should check your policy to better understand your rights. ProFloridian Public Adjusters will help you with this!
Know Your Mold Coverage
Firstly, check and see if your insurance policy covers mold. Some policies don’t. If it does, then you’ll also need to check if it contains any peril exclusions. For instance, it could mention that hurricane-produced mold isn’t covered by the policy. Or if the mold is caused by a broken pipe in your home, the company doesn’t cover for the repairs.
When you file a mold damage claim, the insurance adjuster will check and see if the mold was caused by pre-existing damage. If the damage was there before you signed the policy, then you’re not eligible for a payout. Different insurance companies carry out business differently, so you should check your policy for the following key terms.
Is your insurance policy All Risks, also known as Named Perils or Open Perils? Then, your coverage may be limited since this policy covers all perils other than specifically excluded ones. Perils include hurricanes, strong winds, hail, fire, water, and mold.
RCV And ACV
Insurance policies are based on either the ACV (actual cash value) or RCV (replacement cost value). Your payout will also be different depending on these two. The actual cash value factors in the depreciation and deductible before issuing you a payout. The replacement cost value factors only the deductible without the depreciation. It’s important to know if your policy offers actual cash value or replacement cost value because you’ll know what payout to expect.
What About Deductibles?
When an insurance company pays for your home repairs, it offers the difference between the out-of-pocket money already paid for repairs (deductible) and the total repair amount. So, let’s say that the repair amount is $6,000, and you pay a deductible of $2,000 beforehand. The insurance company will give you the difference back, which is $4,000.
What Is a Damage Exclusion?
Insurance policies often mention damage exclusions, which refer to perils not covered by the policy. If you don’t want to wake up without coverage for your home damage, you’d better check your policy and see the exclusion list. We know for a fact that several insurance companies in Florida exclude mold-related perils from their policies.
What Do I Do in Case of Mold Damage?
If you find a mold or mildew infestation in your home, it’s time to do something. Waiting solves nothing, and it can even put your family’s health at risk. Mold becomes worse the more you leave it unchecked. We recommend calling ProFloridian Public Adjusters. We’re the best adjusters for mold damage claims in Florida. With our help, you’ll get sufficient compensation to cover all your repairs and restorations.
Do you need help with a Mold Damage claim? We’ll work day and night to ensure your peace of mind and deal with your mold damage claim faster. The sooner you receive the settlement, the sooner you can deal with the mold and ensure your family’s safety. Our mold damage public adjuster in Florida is readily available at all times, waiting for a call at (954) 588-7416. Alternatively, you can fill out our online form for immediate assistance with your mold damage claim.