If you are the owner of an investment property, you need to be aware of when mold may become a huge problem. You are most likely to experience mold in your investment property because of water damage or an increase in moisture levels.
What Exactly is Mold?
Molds are simple, microscopic living organisms and are types of fungi. Fungi serve an important purpose as decomposers in natural systems. If mold has invaded your investment property, you will find it in the basement, in walls and ceilings, and in the attic. Mold likes to grow on household surfaces with a high cellulose content such as wood, fiberboard, and gypsum board.
Investment Properties Near Water
Many people like to live close to the ocean or on a lake. Unfortunately, mold loves moisture and close proximity to water, especially if combined with a humid climate, can expose your investment property to mold and your tenants to major health problems. Mold can not only affect your tenants’ health but in a worst case scenario can cause your investment property to be bulldozed down to the ground.
If you have detected mold in your investment property, it’s vital to take action as quickly as possible to remove the mold and keep damage to a minimum. The Environmental Protection Agency (EPA) can assist investment property owners with mold risk concerns. To learn more read their Brief Guide to Mold, Moisture, and Your Home.
The combination of water and mold can rapidly destroy your investment property. If your investment property is situated in a location subject to flooding, you are well advised to obtain flood insurance from the government’s National Flood Insurance Program. Bear in mind that a high percentage of homeowner’s insurance policies exclude coverage for water damage and mold.
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