If you’re dealing with asbestos, you’ve probably already heard it’s a big deal—and not just because of the health risks. Trying to figure out whether your insurance will help cover the removal costs can be a huge headache. Let’s break down what’s typically covered, what’s not, and what to do when your policy falls short.
Home Insurance and Asbestos Coverage
Most standard homeowners’ insurance policies won’t cover asbestos removal unless it results from a covered event, like a pipe bursting and disturbing the material. The reason for this exclusion is simple, if slightly ridiculous: asbestos removal is typically seen as part of regular home maintenance, which isn’t something insurance generally covers. However, some policies might offer limited coverage if asbestos is found as a result of damage from something like a fire or storm.
To find out if your policy offers any coverage, review your terms or speak directly with your insurance agent. If you’re facing asbestos removal, it’s worth advocating for coverage or discussing options that may be available to help offset costs. After all, you don’t want a dangerous situation on your hands, nor should you be left holding the bill for something you didn’t cause.
Business Insurance and Asbestos Coverage
When it comes to businesses, insurance coverage for asbestos removal can be a bit of a mixed bag. General liability insurance typically doesn’t cover asbestos removal unless it’s clearly included in the policy, and commercial property insurance may offer coverage if asbestos is disturbed during a covered event (similar to home insurance), like structural damage. However, businesses with environmental liability policies or specialized endorsements may find that asbestos removal is part of the package. Business owners should take the time to review their policies and, if needed, consult with an insurance expert to ensure they’re covered.
State Requirements for Asbestos Removal
Each state has its own set of rules when it comes to coverage; in Colorado, there is no state law that mandates insurance companies to cover asbestos removal. However, it does mandate that any asbestos abatement project be handled by certified professionals. Furthermore, Colorado has stringent regulations on the removal itself, requiring proper containment, disposal, and documentation.
What to Do If Insurance Won’t Cover Removal
If your insurance won’t cover asbestos removal, don’t panic. Start by exploring government grants or state-funded programs that might offer financial assistance for the job. You could also try negotiating with your insurer—some policies might cover part of the costs under certain circumstances. If all else fails, financing options or even tax deductions for asbestos remediation might be available.
For any information about asbestos on your property, reach out to Xtract Environmental Services—we’ve got the experience and expertise to guide you through your options and provide cost-effective, safe removal solutions. Contact our team today to get the information you need and start your asbestos abatement project right away!