It's estimated that 125 million people are exposed to asbestos at work worldwide. However, homeowners are also victims of this substance that can cause health damage as it is used to build houses.
So what insurance companies will cover asbestos siding?
If you're a new homeowner looking for insurance tips or want to learn more about asbestos for commercial properties and how it can be treated, you've come to the right place.
This insurance guide will give you everything you need to know about asbestos siding and if it's included in insurance policies. That way you'll be prepared for any costs that might come your way in your home.
Before we talk about insurance companies and what they offer, it's essential to understand what asbestos is and why it can be a problem.
To keep it simple, asbestos is a mineral made up of flexible fibers that are resistant to heat, electricity, and corrosion. Their unique properties are what make them an ideal choice for roofing and siding materials.
Even though the U.S government has banned all new uses of asbestos, there are some kinds of this substance made before 1989 that are still legal.
If building materials have been damaged and contain asbestos, then tiny particles of the fibers can be inhaled and cause damage to your lungs over time.
Now, just because asbestos is present in the roof and sidings doesn't necessarily mean it's dangerous...
In some cases, as long as the areas have not been damaged, they won't cause any problems. However, many people would prefer to get rid of asbestos to limit the risk in the long term.
The question is, "what insurance companies will cover asbestos siding?" And the answer is that most of the time, asbestos is not covered by insurance premiums.
Due to its carcinogenic properties, removing asbestos is quite expensive, and most insurance companies will not include it in their policies. Although, there are some cases where you could claim insurance.
For example, you could claim money under insurance if your house or building structure is severely damaged by asbestos. But, this will depend on the situation and how severe the damage is.
At Econosurance, we have a guide to buying a house with the best home insurance policy to help you navigate this new world if this is your first time. And, we have more information for commercial properties too.
The cost of removing asbestos will vary depending on the size of your property, the location, and how much of it there is. On average, it costs between $1,500 to $3,000 to remove asbestos.
But, it can cost thousands more for more significant buildings and businesses.
Although many problems in a home or building can be solved with DIY methods, asbestos is an exception. You need to hire a professional with the right equipment and knowledge to remove the substance safely.
Otherwise, you could end up harming yourself and spreading asbestos dust in your home. To help you determine if there is asbestos in your space, here is a list of the familiar places it can be found:
If you have a suspicion that these areas could be affected by asbestos, it's best to call a professional to have a look. Then, you can decide if it's worth removing asbestos or if it's recommended to leave it be.
For those people wondering 'what is insurance?' and 'is it worth it if it doesn't cover asbestos siding?', this section will give you an overview of the importance of taking out insurance.
Think of it this way; insurance is a safety net that protects you from disasters or accidents. Without it, you could face substantial financial costs.
Although many people struggle with the idea of insurance, as most of the time you'll never need it, it's still essential if you want peace of mind.
It doesn't matter if you want to protect your home or have commercial properties to look after; living with the fear of something happening and not being able to pay is stressful.
Insurance plays a crucial role in limiting those worries, so you can get on with your life and continue to thrive. Taking care of the essentials like insurance will give you more time to focus on enjoying life!
If the last two years of the pandemic have taught us anything, you never know what to expect.
Organizing insurance will protect your belongings, loved ones, employees, and resources you've worked hard to earn. Plus, once it's there, you can put it in the back of your mind and not think about it again.
Without a doubt, insurance is a vital part of financial planning. Even though asbestos siding is not covered in most policies, that shouldn't stop you from securing your assets.
Ultimately, asbestos is just one part of a whole list of problems that you might encounter, so it's good to prepare for as many as possible.
As already mentioned, asbestos will rarely cause any problems unless structures have damage and a professional has outlined a problem in a property.
So, now that we've answered the question, "what insurance companies will cover asbestos siding?" it's clear that there is no solution to avoid paying for removal services.
But, there is a solution to other insurance concerns. You can request a quote from us, and we can help you with everything from vehicle to commercial insurance.
Are you looking for the best insurance policies on the market? Get in touch and find out more today.