Mold and dampness can directly damage buildings and their contents, but there are other repercussions, including a reduction in cash flow through lost rents or rental value and expenditures for remediation costs. When mold issues are uncovered in a building, whether residential or commercial, there is a perception that the structure has become unfit or unusable, and that can result in a loss of market value.

The chief concern has been with black mold. While less common than other molds, this one is more dangerous to humans because, given the proper environmental conditions, it can create multiple toxic chemicals called mycotoxins. These toxic byproducts exist in the spores of the mold, as well as in the tiny fragments that can become airborne. Of particular concern is the threat that humans will inhale and ingest these toxic spores. According to the Centers for Disease Control and Prevention, there are few case reports that toxic molds inside homes can cause unique or rare health conditions such as pulmonary hemorrhage or memory loss. A causal link between the presence of a toxic mold and these conditions has not been proved, the agency says.

For the last few years, insurance companies have become unwilling to write new policies and have been excluding coverage of mold from existing ones. Such coverage as is available is underwritten as part of a “stand-alone” environmental insurance policy. There has not been any significant increase in the availability of coverage for mold as more information on it has become available, according to the mortgage bankers team. Avoidance or reduction of mold risks begins at the moment the first sketch for a new structure is put on paper and involves proper selection and use of professionals, contract terms, contractors, subcontractors, design and engineering professionals, materials and construction techniques, as well as ongoing inspection, documentation and a complete moisture-management assessment plan.

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