Do you have a house with asbestos? What about building insurance?
Asbestos is a problem in a major fire. Will the insurer reimburse you for financial losses due to asbestos? Or are you on your own?
Many garages and sheds still have asbestos on the roof. Do you still have that, too? In time, you need to get rid of it. In the event of a fire, for example, the costs due to asbestos can be high. It remains to be seen whether the building insurance company will bear these costs. And if the insurer will not pay for it, are the costs recoverable from you?
Do you have asbestos in your home?
Many houses built before 1994 incorporated asbestos. This is because it was an inexpensive material with useful properties. It was often used for roofs of sheds and garages, but it was also processed in the house itself. For example, to conduct heat from a central heating system. When buying a house, the seller (or the real estate agent) should point out the presence of asbestos. There will be a ban on asbestos by January 1, 2025, but it is already clear that all asbestos will not be removed by this date.
The polluter pays, so the homeowner faces the cost.
What is the danger of asbestos in the home?
Storms or fires, for example, can damage roofs. This can pose a hazard to the surrounding area. A fire can cause loose pieces of asbestos to fly through the air and cause pollution in the neighborhood. Because of the health risks, the asbestos pieces must be removed. The ground around the house is remediated. This creates high costs. The polluter pays, so the homeowner faces the cost. Most homeowners' insurance policies include compensation for this, but not always. Those insurers that do reimburse may have a maximum.
Choose building insurance carefully
When buying homeowners insurance, you don't just pay attention to the amount of the monthly premium. Especially with a house with asbestos, you need to pay close attention. The cost of cleanup and remediation can run into the tens of thousands of dollars. If the insurer does not reimburse it, the bill is the homeowner's problem. Even if it was not intentionally caused.
Will the insurer reimburse the removal of asbestos from the roofs?
The insurer also benefits from you removing asbestos from your home, so let the insurer help pay for it. Unfortunately, that's not how it works. Insurers are not going to help pay for that. They want to bear the risk for you, but they are not going to financially support you to remove the risk. Insurers encourage damage prevention, but you bear the cost yourself. Installing fire extinguishers also benefits the insurer, but in that case, too, the insurer is not going to pay.
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