It is not surprising if you have met anyone who has shifted places due to the toxic mold damages caused to his home. If your insurance carrier is good enough to cover for it, then you are certainly lucky to have a six figure insurance settlement. On the other hand you do not stand the chance to avoid paying for the entire cost of your home.
We are quite familiar with cases wherein the insurance carrier has denied mold damage claims. Many of us would simply love to believe that our policy would save us from mold damages while in reality it would not. It is time that you go through the policy papers carefully and know exactly what you are covered for. In case you see that some kind of mold damage has been mentioned in the clauses, you would need to be certain whether it would only reimburse for the remediation or would cover for the damaged property entirely. Now, the most important task for you would be to check the coverage limit as mentioned in your policy.
Some of the policies would cover you for the mold damages up to $5000 which would no where be near to the worth of your home. In comparison, the other policies may not even cover for it if the house had been constructed with material that favors the mold-effect. Such policies would even deny coverage for such houses which have prior leakages.
Insurance carriers would generally expect you to take care of mold damages all by yourself. They do it since dealing with mold damage is mostly associated with the maintenance of the house. Unlike the fire damages (which might just spread and cause massive destruction in minutes), mold develops slowly and may even take years before it could pose a serious threat to your home. Only when you are not taking care of your home, mold could turn out to be a serious problem which might be as expensive as that of fixing the fire damages. That is why it is advisable that you take care of your home well in advance and also make sure that you would opt for a coverage which provides for mold damages. This way you would not only protect your home but also secure the future of your loved ones.
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