Termite infestations and resulting damage within a home often go unnoticed until it’s too late. Many homeowners must decide whether or not a termite insurance policy is worth it or if it’s simply a financial burden.
What Is The Value Of Termite Insurance?
The threat of termites and other pests can often weigh on homeowners’ minds. Termites can slowly and silently eat away the structural integrity of your home. This can ultimately lead to costly repair bills.
Most home insurance policies will not cover termite damage, which leads to homeowners taking on any related costs. Termite insurance provides peace of mind, but does it really deliver when needed?
Does Homeowners Insurance Cover Termite Damage?
No, termite damage is not typically covered by your renters, condo, or home insurance policy. The majority of insurance providers consider termite infestations preventable, so the cost of damage and removal will come out of the homeowner’s pocket.
Insurers usually view termite damage as avoidable and sometimes due to a homeowner’s negligence. Homeowners insurance policies are created to cover you for any sudden or accidental events, and termite damage is not classified as either.
Be sure to always take precautions to prevent infestations before they occur. By the time you suspect you have termites, it’s often too late.
Does Homeowners Insurance Cover Termite Treatment?
Termite damage can unfortunately result in thousands of dollars in bills. And that’s only for repairs! That is before paying for removal and other issues termites can cause like health problems or difficulty selling your home.
Since routine maintenance is typically the homeowner’s responsibility, your insurance is not likely to cover termite treatment. It’s best to contact pest control as soon as you suspect an issue.
What Is A Termite Warranty?
A termite warranty is ultimately quite similar to an insurance policy you would take out against termites. This is insured by an insurance provider, allowing for more coverage against potential damages. The warranties also include an agreement for ongoing maintenance and/or monitoring for the entire length of the warranty’s term.
The warranty dictates a termite control company must treat for termites if any activity is found during an annual termite inspection. It may also specify if the company will repair any termite damages or if they will only retreat a home.
Some warranties can be transferred between homeowners during the sale of a home. Other warranties, however, are non-transferable.
What Is A Termite Bond?
Because homeowner’s insurance policies do not cover any termite damage, homeowners are responsible for their pest control needs. They must find a pest control company and invest in a form of insurance known as a termite bond. This is a contract between a homeowner and company where the company agrees to provide a variety of termite services for an annual fee.
The terms of the bond will undoubtedly vary based on a few factors, including the provider and location. Nonetheless, a termite bond is available to protect your home from infestations.
A termite bond typically includes the following:
- Initial termite prevention when the bond begins.
- Annual inspection.
- Treatment at no additional cost, if needed.
- Bond renewal occurs frequently following inspections.
*Contact the team at Poor Boy Termite Control in Scottsdale, AZ for more information!
Why Do You Need A Termite Bond?
These bonds are legal contracts agreed upon by homeowners and pest control companies. The bond contract will contain important information about the provided services, a schedule for said services, as well as details on all terms and warranties.
Bonds are ideal when you live in the southern U.S. where the climate is perfect for these pests. Bonds are also worthwhile investments if your home has a history of infestations.
What Is The Average Cost Of A Termite Bond?
As mentioned, bond prices will vary based on location, provider, and length of the contract. Other factors include termite warranty cost, prevention coverage, and whether the bond is transferrable.
Purchasing this insurance is often much less costly than having to deal with repairs due to termite damage. Costs typically range from $500-$2,500, with an average price of $1,500, according to NFP.
Termite Insurance Vs Bond Vs Warranty
There’s no question that termite insurance, bonds, and warranties are similar. The biggest difference is that bonds require the pest control company to hold a specified money amount in a surety bond.
Any kind of protection against these pests is crucial for homeowners today. For more information, reach out to the experienced team at Poor Boy Termite Control.
Is A Termite Insurance Policy Worth It?
Weighing the pros and cons of termite insurance can help homeowners decide if the coverage is worth the cost. Homeowners who live in an area with lots of termite activity are wise to purchase insurance or a comprehensive warranty. The cost of termite damage repairs can quickly rise into the thousands of dollars which is a crucial factor to consider.
Termite insurance policies offer financial protection as well as peace of mind against termite infestations. However, homeowners in areas with lower termite activity might believe costs outweigh the potential benefits of coverage. Homeowners in this situation often choose to get regular inspections and preventative treatments.
Termite Control Phoenix Metro Area
Poor Boy Termite Control can solve all of you termite issues. We only deal with termites as the name implies. We use thermal imaging, with no drilling or guessing. At Poor Boy Termite Control we detect termites and treat them. If you have a termite infestation, Call Poor Boy Termite Control at (480) 994-4240 and schedule an appointment before the problem gets worse!
