Home Insurance Companies That Cover Asbestos Siding
I am about to purchase a home and the inspection revealed it has asbestos siding.
Home insurance companies that cover asbestos siding. Basically if you ve had the same siding for 15 years and it s lost its color and has rotted and only one part of your home is damaged they ll put in new siding there. Our agency is located in the u s. Asbestos is in most homes built before the 1980s and cleaning it up is very expensive since it requires a lot of specialized equipment and training. As a matter of fact about 20 percent of all homes in the area likely have asbestos siding or other asbestos containing products says local insurance broker stephen lyons of lyons insurance.
Most insurance companies are not obligated to make the siding of your home match the rest of it especially if the siding doesn t match because of lack of maintenance. Recently we got a notice from our insurance saying that our house may have asbestos siding and we need to get it tested even though the purchase agreement said it was masonite. Also we recommend that if you do have to remove or disturb the siding for any reason never do the work yourself. I just bought an older house with asbestos siding and have run into some insurance issues.
It s in excellent condition but i have heard certain insurance companies may not insure a house with asbestos siding. Covering asbestos removal would likely require insurance companies to substantially increase homeowners insurance rates. Homeowners insurance on a house with asbestos siding. But asbestos is typically only dangerous if you inhale it so if the.
Have an asbestos abatement contractor do it for you. Unfortunately some insurance companies will not insure a home with asbestos siding so it may increase the difficulty and cost of acquiring homeowner s insurance. Make sure asbestos is encapsulated such as sealed with paint. Unless you cut into it and it becomes friable you shouldn t need to worry about it.
Northeast where there are numerous homes that still have asbestos siding. I haven t heard of an insurance company denying coverage because a home has asbestos siding. It will then not pose a health hazard. Most home insurance policies have an exclusion for pollution which includes things like chemical spills and asbestos.
Homeowners insurance and as far as i know any property policy in the united states as a specific asbestos exclusion in the policy. But the epa notes that asbestos only poses safety issues when it s disturbed and harmful fibers are released into the air. The homeowners policy will exclude any clean up removal or illness related to asbestos until the end of time. If you have asbestos in your home i highly recommend you call in a profession asbestos removal team.
Since asbestos siding was a common building. For an insurance recommendation i d say safeco or usaa.
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