Three Ways Property Management Companies Can Mitigate Mold Risk

E&O Coverage

Mold spores are not something anyone can completely avoid. When you operate a property management company, it is your responsibility to handle and remove mold from the properties. Real estate insurance is one way to help mitigate the risks associated with mold.

Insurance

As seen on https://www.axisins.com/, mold spores are one issue real estate insurance can cover for property management companies. Insurance professionals can help tailor the policy to meet your specific risks associated with the troublesome fungus.

Damage

The extent of the mold damage dictates how easy it is to clean, remove and prevent. Use bleach to clean surface mold that doesn’t penetrate the surface. More extensive damage can result in the replacement of flooring, drywall and wood. Work with a mold remediation company to fully eradicate the spores to prevent future problems.

Liability

Keep in mind that while tenants take some of the liability for mold in a property, the landlord may be the one facing the lawsuit. When a tenant puts in a mold complaint, take it seriously. The sooner you address the problem, the easier it will be to eradicate from the premises. Prompt handling can also help minimize the risk of a lawsuit.

A property can face significant financial losses dealing with a mold problem. Real estate insurance can help mitigate those losses while you deal with the problem and create a safe environment for tenants.