What Mold Damage Is and Isn't Covered by Commercial Insurance?

6/5/2022 (Permalink)

What Is and Isn't Covered by Commercial Insurance When It Comes To Mold Damage?

Finding mold in your Stone Oak, TX, building is highly unpleasant, particularly if it's spread a great deal. Getting rid of the growth may require extensive work from a mold remediation company. Unfortunately, this could result in a monetary loss. Therefore, investigating your commercial insurance coverage is paramount. If you're able to get financial assistance, the process may be much easier. So, here is what is and isn't covered by most commercial fungus insurance policies.

Covered
Receiving coverage for commercial mold damage is tricky. Most policies have an exclusion for mold. However, you may be compensated if you have a specified cause of loss. This term covers a specific group of reasonings for property damage. Here are a few that you may have experienced:

• Vandalism
  
• Water damage
  
• Riots
  
• Fire
  
• Smoke
  
• Lightning
  
  

If any of these occurred, there's a good chance that you'll be covered. There's also a possibility that your mold growth has caused one of these losses. While mold couldn't exactly start a riot, it may result in water damage or something similar. This is another exception to the exclusion, so you might receive mold insurance assistance in cleaning the initial fungus problem. One last reason for being covered is having limited fungus coverage. If you live in a particularly humid area, this may be wise to invest in.

Not Covered
Most commercial insurance policies cover very little in terms of mold damage. Since the specified causes of loss aren't likely to result in mold, you probably won't receive an exception from the exclusion. This is especially true if the damage was caused by maintenance neglect. If you didn't conduct regular checks on your property, your insurance company will be unlikely to help you. You will definitely be turned down if you were aware of the mold for a while.
Commercial insurance can be difficult to navigate, so be sure to do research on your own policy. While most fungus damage isn't covered by commercial insurance, it's important to be thorough.