Mold Coverage and Commercial Property Insurance

5/9/2020 (Permalink)

Does your insurance company cover mold damage?

Mold Coverage and Commercial Property Insurance

As a business owner in Golden Beach, FL, you most likely purchased commercial insurance, hoping it would help you out in dire times. Like much in life, sometimes things go your way and other times it's a bit more difficult. When filing for fungus cleanup, this might be one of those times for a snag. Not all policies extend coverage to this situation. You'll have to ask yourself the following three questions to find out if you qualify.

1. What Conditions Are Accepted?
When you notice mold damage, you should immediately reach out to your insurance agent, requesting a claim, and discussing your coverage. Under your policy, you may be able to seek help for the mold growth remediation. However, it will depend on the written language of your agreement. Anything specifically listed as a cause is acceptable. For example, if you included flood coverage and your contamination occurred from that, then you likely can't file. In addition, you may ask about Limited Fungus Coverage. Often, this clause allows for water damage inclusion, one of the more prominent reasons fungus develops.

2. Have You Maintained the Structure?
Part of the approval for commercial insurance coverage is proving that you maintained the premises. In fact, delaying or allowing the trouble to grow worse would be negligence and grounds for refusal. Therefore, ensure that your plumbing is regularly inspected and repaired, saving receipts. It wouldn't hurt to annually take pictures of the grounds as well.

3. What Services Are Covered?
Your mold insurance often offers compensation for having a mold restoration company remove the impacted material and test for infestation. This includes tearing out anything ruined such as flooring and drywall. Be aware that the sky isn't the limit. The insurer will pay up to a certain amount, specified within your paperwork. Make sure to read through it carefully, understanding any noted limits.
Commercial insurance may help you out with your fungal issues. It's not always cut and dry though. Remain cognizant of your plan, and demonstrate the care you take to maintain the land.