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At the time, insurance language in policy contracts defining mold coverage was vague, and since mold remediation can cost between $10 to $25 per square foot, companies struggled to handle the ...
How to pay for mold remediation if your insurer won’t cover the bill. Even if your flood insurance policy includes coverage for mold damage, and your situation is eligible for coverage, the ...
Personal property coverage: This coverage makes up a large portion of your homeowners insurance and is designed to replace your home’s contents after a covered peril, including clothing ...
An insurance policy may or may not cover the costs associated with water damage and the process of water damage restoration. While a common cause of residential water damage is often the failure of a sump pump, many homeowner's insurance policies do not cover the associated costs without an addendum which adds to the monthly premium of the policy.
United States insurance companies used to offer foundation insurance, which was reduced to coverage for damage due to leaks, and finally eliminated altogether. [8] The insurance is often misunderstood by its purchasers; for example, many believe that mold is covered when it is not a standard coverage. [9]
Toxic mold is a common cause of bad faith lawsuits, with about half of the 10,000 toxic mold cases in 2001 being filed against insurance companies on bad faith grounds. Before 2000 the claims were uncommon, with relatively low payouts. One notable lawsuit occurred when a Texas jury awarded $32 million (later reduced to $4 million).
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