What Home Insurance Doesn’t Cover – 24/7 Wall St.

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When people insure their homes, they need to read the fine print carefully. Most of the obvious issues that will cost owners money are covered. However, flood damage is often not. This forces people to purchase special insurance or face significant financial damage in the event of a disaster. As the number of floods increases, these barriers get bigger. Another potentially costly condition is mold.

According to an analysis by Realtor.com, “5 Surprising Things Home Insurance Won’t Cover”, the authors point out that “although home insurance generally covers a variety of common perils, don’t be overconfident it may not not cover all accidents. who comes your way.

Mold has many causes. Among them are leaks, dampness, leaking appliances, and major flooding from outside the home. Carpets, drywall and paint often go moldy. Mold can harm health as well as home infrastructure, making it a problem for both people living in a home and potential buyers. Mold detection is usually part of buyer inspections.

Healthline reports that mold can cause respiratory problems and headaches. These problems can become chronic.

Mold remediation analysis shows costs can be as high as $3,000 for an average sized home. For a larger house, the figure may be double. Carpet sometimes needs to be picked up and destroyed. During serious incidents, the walls must be demolished and replaced. In other words, mold costs can be twice the monthly mortgage payment.

The CDC suggests a number of mold prevention measures. These include “checking” humidity levels, repairing all leaks regardless of their origin, cleaning up after flooding and ventilating areas including showers and laundry rooms.

The Journal of Clinical Infectious Diseases reports that fungal diseases lead to medical costs of up to $7 billion per year. Thus, the main financial effects of mold may be more related to health care costs than home repairs.

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