The type of policy affects what mold damage it will pay for
Renters insurance is designed to cover your valuables and belongings when you're renting a residence or storage unit. It usually doesn't cover the structure itself, but rather the items you keep in it. For example, depending on the policy, if the apartment building you're living in has a fire and your couch and chairs are ruined due to smoke damage, your renters insurance will most likely reimburse you for your furniture. The owner of the building will have insurance on the structure and that will cover the damage to the apartment complex.
The amount of reimbursement for mold damage may be limited
Often, renters insurance policies have monetary limits on the amount you can be reimbursed due to specific types of damage. It's not uncommon for damage caused by mold to have a claim limit of up to $5,000. This is something you should consider when purchasing insurance. For example, if you know the furniture and electronics in your living room is well over $5,000, you may want to consider adding additional types of coverage so you will be able to replace the items.
How the mold damage occurs may affect the coverage
Even if your renters insurance does cover damage from mold, the actual coverage will have a lot to do with how the damage happened.
Neglect and mold insurance coverage
However, if the mold was caused by neglect, it is unlikely you will be reimbursed for damage to your belongings. An example of neglect would be consistent plumbing problems that never get fixed, thus resulting in the development of mold. This might become a factor if you're aware of a leak and don’t inform your landlord. Next thing you know, your belongings under the sink are damaged by mold that has grown due to constant moisture. If it's evident you should have noticed the leak, then it is likely your claim will be denied.
If renters insurance that includes mold coverage is important to you, make sure to consider the above factors. If you keep in mind that not all insurance is the same, standard reimbursement may not fully cover your belongings, and how the mold damage occurs can affect your coverage, you will have a better understanding of how much protection you have for your belongings.
Finding the right deal on mold coverage for renters insurance
And to ensure you always have the lowest rate, Jerry will send you new quotes every time your policy comes up for renewal, so you’re always getting the coverage you want at the best price.