Home Insurance For Homes With Asbestos: Unique Considerations

​Asbestos was once a popular building material praised for its fire-resistant properties, but it is now recognized for its serious health risks, such as lung disease and mesothelioma. Homes built before the 1980s may contain asbestos, which can complicate obtaining home insurance due to increased risks and remediation costs. Below, we detail what you need to know about securing home insurance for homes with asbestos.

1. Identifying Asbestos in Your Home

• Locating Asbestos:
  Common areas where asbestos may be present include insulation, floor tiles, roofing, and pipe wrappings.
  
  
• Professional Inspection:
  Engaging a certified asbestos inspector is crucial to accurately assess the presence and condition of any asbestos materials.
  
  
• Risk Assessment:
  Asbestos that remains intact and undisturbed generally poses no immediate risk, but damaged materials can release harmful fibers into the air.

2. Insurance Company Concerns

• Risk Perception:
  Insurance providers consider homes with asbestos higher risk due to potential health hazards and expensive remediation costs.
  
  
• Policy Application Impact:
  You may encounter higher premiums or difficulty in securing coverage. Some insurers require an asbestos survey before issuing a policy.

3. Asbestos Abatement and Disclosure

• Removal vs. Management:
  Removal completely eliminates asbestos, though it is costly. Management-in-place involves sealing or enclosing asbestos materials to prevent the release of fibers, a more cost-effective solution for less severe cases.
  
  
• Insurance Disclosure:
  Full disclosure of known asbestos and mitigation steps is essential when applying for insurance. Clear communication about asbestos management can positively influence insurers' decisions.

4. Adjusting Coverage and Premiums

• Coverage Modifications:
  Insurers may offer limited coverage or higher deductibles for homes with asbestos.
  
  
• Exclusions:
  Some policies might exclude claims related to health issues from asbestos exposure. It’s vital to review your policy thoroughly to understand coverage limits.

5. Working with Specialized Insurers

• High-Risk Specialists:
  If standard insurers are reluctant to offer coverage, consider insurers specializing in high-risk properties. These providers are often more equipped to handle the nuances of insuring asbestos-containing homes.

6. Regular Inspections and Updates

• Ongoing Maintenance:
  Regular inspections and maintenance can mitigate risks and demonstrate to insurers that the asbestos situation is well-managed.
  
  
• Documentation:
  ​Keeping detailed records of inspections and maintenance can aid in securing better insurance terms.

Conclusion
Navigating home insurance for properties with asbestos requires a proactive approach to risk management and thorough communication with insurance providers. Working with specialized insurers and maintaining rigorous asbestos management practices are key to securing coverage that protects both your home and health. Always consult with a professional asbestos abatement expert and communicate transparently with your insurance provider to ensure comprehensive protection and compliance.

At Roper Insurance Services, we are dedicated to providing our clients with comprehensive and affordable insurance policies. Our commitment extends to going the extra mile to address your specific needs. To learn more about how we can assist you, please contact our agency at (828) 697-6709 or  CLICK HERE to request a free quote.

Disclaimer: The information presented in this blog is intended for informational purposes only and should not be considered as professional advice. It is crucial to consult with a qualified insurance agent or professional for personalized advice tailored to your specific circumstances. They can provide expert guidance and help you make informed decisions regarding your insurance needs.