Mold Damage, Here's What You Should Know Before Filing a Claim
Floridians know that, in light of the state’s hurricanes and storms, mold damage in their home is always a potential problem. Whether it’s caused by a broken pipe or damage from a hurricane, mold can also cause health problems. Many home insurance policies cover mold damage, but it helps to understand exactly what your policy covers before you make a damage claim.
To that end, check your policy to make sure it covers mold and see if any exclusions apply. If you file a mold damage claim, a claim adjuster will examine the damaged area to determine whether the mold was caused by pre-existing damage or something that happened after the policy was issued. Each insurance carrier is different, and it’s essential to know the terms of your coverage if you need to file a claim.
If your policy is All Risks – also known as Open Perils or Named Perils – your coverage may be limited. A peril is a cause of loss like a fire, hurricane, or wind.
RCV vs. ACV
The replacement cost value (RCV) is the full cost of replacement or repair of a damaged item, minus your deductible and without factoring in depreciation. The actual cash value (ACV) factors in depreciation and subtracts the deductible before you get a payout. It’s vital to know whether your policy offers replacement cost value or actual cash value. Knowing this which will make it easier to understand what to expect when it comes to a payout.
Your deductible is what you pay out of pocket for repairs before the insurance company will send you the balance.
It is possible that your homeowner’s policy has exclusions. These are types of damage that the insurance company won’t cover. Because of exclusions in your policy, you may be stuck without coverage. It’s essential to know what they are.
Your Home has Mold Damage – Now what?
Mold damage can lead to a host of other problems like mold and mildew. In turn, these can lead to health problems. If your home is damaged by mold, you must take measures to prevent further damage from occurring.
Louis Law Group is a team of experienced litigators that specializes in mold damage insurance claims. You don’t have to be alone in your struggle to secure fair and just compensation from your insurer. We’ll work hard to ensure your peace of mind throughout the claim process.
As Florida’s most trusted mold damage lawyer, we’ll ensure your claim is successful so you can return to living your normal life. If you’ve filed a claim and it’s been denied, or your insurance company is limiting your coverage, give us a call at (954) 676-4179 or use contact form here . We’ll be happy to discuss your situation and guide you on next steps.