Property owners and mold

9/11/2019 (Permalink)

Many property owners recognize the structural hazards posed by mold growth, but not everyone is aware that tenants can sue property managers over mold damage. In order to avoid potential lawsuits, the best course of action is to be proactive. Know your insurer’s policy on mold insurance claims, understand your responsibility as a property owner and take steps to prevent mold growth before it becomes an issue.

Insurance Coverage

Don’t hesitate to ask your insurance providers about their policy on mold insurance claims. Some types of property insurance may only cover mold damage if it was caused by a specific event. Covered events might include:

• Snow or ice damage
• Frozen pipes
• Building fires
• Accidental leakage from appliances or air conditioning
  
  

Furthermore, every landlord should also carry liability insurance. Liability insurance can be a lifesaver if a tenant decides to sue because his or her personal property is ruined by mold.