Over time, moisture and mold damage can cause serious financial problems for homeowners and employers. Mold is very damaging to property appearance and structure. Because mold produces spores that spread easily through the air, it is difficult to control. Property that has become contaminated must be treated and the cause of moisture must be corrected. If damage is severe, property may be untreatable and must be destroyed.
The cost of mold treatment and remediation can vary widely. Depending on the extent of the mold problem, and how much of the clean-up is done by the property owner, the cost can run between about $1,000 to $10,000 (or more). This is the estimated labor clean-up cost and doesn’t include the cost of disposing of damaged property or replacing materials and goods. Depending on the level of destruction and the replacement costs, the bill can be several thousands of dollars.
Many insurance policies will not cover flooding and mold damage without special riders (if at all). This leaves the property owner to cover the entire expense. Costs can be devastating. Property owners should check their policies to see if these damages are covered.
It’s critical to act immediately when you see any signs of mold. If mold is not treated quickly and properly, it can leave the property unsellable. In the worst case, entire buildings may need to be demolished. The property owner’s investment in the building may a complete loss.