In the year 2001, insurance companies spent over 1.2 billion dollars in black mold cases. The cost included the inspection and testing, remediation, attorney fees and punitive damages. Since this time the number of cases against black mold has continued to rise. Billions of dollars is paid out every year in lawsuits. Therefore, as a landlord, builder or property owner it is best to looking into the mold insurance option and know specifically what you are covered against.
As a result of the increase in cases many insurance policies now have a mold exclusion clause. If you find that your insurance does not have this policy then it would be a good idea to hold onto it. Because of these newer clauses it is becoming increasingly difficult to get mold coverage. Often mold insurance is a stand-alone policy or one that has higher premiums. You can even choose to have mold insurance added on to your existing policy, but the cost is often high.
It is a good idea to invest in mold insurance if you live in a humid area such as the Pacific Northwest. If is even more important to get mold insurance if you have an old property since older buildings have a strict guideline to follow when it comes to toxic black mold removal. Often you can reduce the cost of mold coverage by developing your own Operation and Maintenance plan. These plans often include a schedule for inspection and training for employees to deal with mold remediation.
The best then that any building owner can do is to take care of all mold problems when they occur either inside or outside your building. You need to keep an eye on any properties that have a history of mold. Communicate with any tenants and employees. Make sure everyone in the building knows how to check for mold and that they will notify you when they do find mold.
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