3 Important Facts About Commercial Mold Insurance Coverage
Your Aberdeen, MD, commercial building does not have to suffer a major flood to develop mold. Even minor indoor floods or slow leaks can cause mold to grow. Commercial insurance can help you recover from damage caused by fungi; however, there are a few facts you may want to learn about this coverage before you file a claim.
1. Most Water Damage Claims Are Covered
Because most types of indoor mold form due to hidden leaks, water pipe breaks or carpeting that is improperly dried after a flood, most claims that spring from water damage are typically covered by commercial insurance. If a building’s fire safety equipment should spring a leak and cause mold growth where it is not detected until months later, this instance is usually covered as well. You may want to review your policy with a qualified insurance agent to ensure floods caused by natural disasters are covered as well.
2. Restoration Costs Are Usually Included in Coverage
If your commercial property suffers enough mold damage that walls, ceilings or floors must be torn out and replaced, your policy will likely cover the cost of these repairs. For example, if mold develops in the ceiling because of a slow leak in the roof, your coverage would likely pay for a mold mitigation and removal company to come in and resolve the issue. However, you may want to check to see if there is a cap on these costs before you file a claim.
3. There May Be Exceptions to Coverage
While mold insurance typically covers many different instances of mold damage, there may be some exceptions to your policy. Some companies may not cover damage resulting from owner negligence, such as a failure to maintain a building’s plumbing system. Some may limit the amount they cover per policy year, so it is important to read the fine print on your coverage.
Commercial insurance typically covers mold damage stemming from a water mishap in your Aberdeen, MD, building. However, because there are exceptions, you may want to review your policy at least once a year to ensure you have all the coverage you need.
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