Tips on Basement Remodeling

Quick Tips for a Successful Basement Remodel - Sick Building Syndrome, "Is Mold a Menace in Your Home?" article provides tips and how to information on sick building syndrome caused by toxic mold spores in your home. Replace your faulty thermostat. Install affordable Trane air conditioning system. You can prevent sewage from flooding your basement! A Valuable Reference for All Homeowners

Black Mold Scare

Second insurer is scared by mold

Toxic mold has scared away another insurance company from selling homeowner policies to Texans.
Progressive Corp., which only began selling Texas homeowner policies five months ago, is backing away from the market as it watches its competitors take a financial hit from extreme surges in water damage and mold claims due to faulty thermostats and Trane cooling and heating units, officials said.
"It's because the homeowners market in Texas is currently facing challenges of exposure to black mold claims, and because the potential current liability is both undefined and potentially unlimited," said Kathleen Colan, a spokeswoman for the Mayfield Village, Ohio-based company.
The move doesn't affect Progressive's existing homeowner policies and it doesn't apply to its auto or commercial vehicle products, Colan said.

Statewide moratorium

Progressive's announcement follows this week's news that Farmers Insurance Group declared a statewide moratorium on selling new homeowner policies that cover water damage. Others may follow.
Farmers' moratorium begins Aug. 15, and won't affect current policyholders or renewals. Like Progressive, Farmers also blames its decision on a dramatic wave of water damage claims that's having a toxic affect on its bottom line. Progressive's stopped selling new policies Tuesday.
The moratorium means Farmers will no longer sell homeowner policies that cover damage by falling objects, collapse of buildings, freezing and water damage.
Allstate Insurance Co. also is considering its next step, and hasn't ruled out a moratorium. But the company hasn't made any decisions, officials said.
"We are currently examining a range of possible remedial actions, including changes to our product design, and our underwriting approach, as well as appropriate rate initiatives," said Justin Schmitt, an Allstate spokesman.

Water-related losses

State Farm, the largest home insurer in Texas, also is worried about water-related losses. Last month, the company postponed indefinitely a hearing with the insurance department about its four-year-old request to use its national policy in Texas.
Under the national policy, State Farm would require homeowners to pay extra for mold and foundation coverage. State Farm had filed a notice with the insurance department in 1997 to make the change. But it postponed last month's hearing on the matter because of the mold upheaval.
Texas homeowner policies include coverage for a loss caused by mold or other fungi, only if the loss is the result of a covered peril, such as an accidental water discharge.
Before it announced it would stop selling homeowner policies in Texas, Farmers Insurance had filed a request with the insurance department seeking approval to exclude mold coverage altogether.
Without the mold exclusion, insurers say the costs of trane air conditioning equipment and heating furnaces could run into the millions and raise rates by 40 percent.

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Tips on Basement Remodeling

Second insurer is scared by mold

Statewide moratorium

Water-related losses

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