would you pay extra to have mold remediation added on to your homeowners insurance (Austin: how much)

[riaelise]

We're getting a new policy this January and wonder if it's worth the extra $. Never added in on before, but now we have a 28 year old house and it's Texas. Granted, this house is a solid build house and has withstood a lot just fine, but still...it is older so I'm just wondering. Thanks.

[RoamingTX]

Austin is really on the edge of the area that sees the bulk of the mold impact in the state. It can happen for sure, but it's not likely to occur without some type of new water leakage or intrusion.

Personally, I carry it, as I've been through the hell of trying to rid a house of mold before and it can get very pricey - the additional premium on my policy for this is ~$40.

It's really more of a risk/reward type of thing. I usually use the 5/10/15 rule when I look at stuff like this:

How likely is it to occur in the next 5/10/15 years?
How much does it cost me to mitigate that risk (and don't forget to include your deductibles, should a claim occur)?
Where is the tipping point?

For instance, Auto accidents are kind of easy - you're likely to be involved in one, or have a claim every 5 years. Is the additional premium worth the coverage?

Home stuff is weirder and harder to judge, but can also be WAY more catastrophic - I usually opt to the side of having the coverage and just being able to file a claim and let them handle it, when it comes to property insurance. Auto, I'll err on the side of carrying the risk myself (except for liability coverage - too many lawyers out there).

Hope that helps - definitely take a look at the premium amount, versus the coverage limit. While you're at it, make sure you get a real picture on the sublimits for personal property. It's been a trend lately to start stepping those down and many folks aren't aware that they only have X for electronics, when their house has XX in it.

[Trainwreck20]

No, I would not. Mold that is a result of a water leak is carried (generally) under your normal homeowners insurance. The mold 'rider' is for mold that occurs from other than a covered event, which is (in my experience) very rare. In fact, I don't personally know anyone that has needed mold remediation done at all.

[RoamingTX]

Originally Posted by Trainwreck20

No, I would not. Mold that is a result of a water leak is carried (generally) under your normal homeowners insurance. The mold 'rider' is for mold that occurs from other than a covered event, which is (in my experience) very rare. In fact, I don't personally know anyone that has needed mold remediation done at all.

Unless they can attribute this to groundwater intrusion through evaporation or negligence. I've faced the $15K bills for work, which is why I pay the $40

[Trainwreck20]

Originally Posted by RoamingTX

Unless they can attribute this to groundwater intrusion through evaporation or negligence. I've faced the $15K bills for work, which is why I pay the $40

I was just stating that I would not get the insurance, not saying you should or shouldn't.

[RoamingTX]

Originally Posted by Trainwreck20

I was just stating that I would not get the insurance, not saying you should or shouldn't.

Yep. Goes back to that risk/reward thing.

[riaelise]

Thanks. The difference would be $200 and going up from there.

[Trainwreck20]

As an aside, the vast majority of mold (if you get/have mold) is generally harmless and once you fix the problem that led to the mold, you are probably done with it.

[RoamingTX]

Originally Posted by riaelise

Thanks. The difference would be $200 and going up from there.

Yeah - I'd pass at that price.

[JH6]

We did not buy it either.