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Is Asbestos Removal Covered By Insurance?

Midwest Environmental, Inc. Posted on by

Asbestos removal can sometimes be covered by insurance, but it largely depends on the policy and the circumstances under which the asbestos needs to be removed. Below are some general guidelines, but it's important to carefully review your insurance policy or speak with your insurance provider to understand what is and isn’t covered regarding asbestos removal.

  1. Homeowners Insurance: Most standard homeowners insurance policies do not cover the cost of asbestos removal because it is considered a pollutant. Coverage is usually only provided if the asbestos is disturbed by a covered peril, such as damage from a fire or a storm.
  2. Commercial Insurance: Some commercial insurance policies might offer coverage for asbestos removal, especially if the property is insured with a policy that includes environmental or pollution coverage.
  3. Asbestos Abatement Policies: Specific asbestos abatement insurance policies are available and are designed to cover the costs of safely removing asbestos and decontaminating the area. These are more commonly purchased by businesses or during large-scale renovations or demolitions.
  4. Conditions for Coverage: If asbestos is discovered unexpectedly during renovations or as a result of damage from an insured event, some policies might cover the cost of removal as part of the restoration process.

If your insurance does not cover asbestos removal, there are several alternative ways to secure funding for this process:

  1. Government Grants and Assistance Programs: Some local, state, and federal government agencies offer grants or assistance programs for asbestos removal, particularly in buildings that pose a public health risk. These programs may target residential homes, schools, or public buildings.
  2. Low-Interest Loans: Some government programs or financial institutions might offer low-interest loans for home improvements or renovations, including safety upgrades like asbestos removal.
  3. Tax Credits or Deductions: Check if your local or state government offers tax credits or deductions for asbestos abatement. These can help reduce the overall cost by providing financial relief during tax season.
  4. Community Development Programs: Local community development programs might have funding available for improving older properties, especially in areas undergoing revitalization.
  5. Legal Compensation: If the presence of asbestos in your property is due to negligence on the part of a previous owner, builder, or manufacturer, you might be able to seek compensation through legal avenues.
  6. Negotiations with Contractors: Sometimes, you can negotiate payment plans or financing directly with the asbestos removal contractors. Some contractors may offer a more manageable payment plan or even a discount.
  7. Crowdfunding: As a last resort, if the asbestos poses an immediate health risk and other funding options are not available, you might consider crowdfunding platforms to raise money for the removal.

 

Exploring these options and consulting with local environmental health agencies or a financial advisor can provide you with the best strategies tailored to your situation.

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