The majority of insurance providers consider termite infestations preventable, so the cost of damage and removal will come out of the homeowner’s pocket. Let’s take a look at what homeowners can do to protect their home from termite infestations and damage.
What Is Termite Insurance?
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. No, termite damage is not typically covered by your renters, condo, or home insurance policy.
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?
How Much Does Termite Insurance Cost?
As mentioned, termite insurance, which is often referred to as a termite bond, costs between $300-$800 per year. Premium plans that include structural damage coverage often range from $500-$2,500 per year.
The cost of the premium plan will depend on several specific factors. These variables include home size, coverage limits, and local pest pressure.
*These costs are according to ThisOldHouse. Contact the team at Poor Boy Termite for more information!
Does Homeowners Insurance Cover Termite Damage?
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.
Why Does Homeowners Insurance Exclude Termites?
Since most homeowners insurance policies deem termite damage as gradual and preventable, it is typically excluded from coverage. Insurers expect homeowners to perform regular inspections and maintenance in an effort to prevent and/or minimize infestations.
Rather than an insurable risk, damage caused by termites is considered a maintenance responsibility of the homeowners.
Other Options For Termite Damage Coverage
Fortunately, there are a few alternatives for homeowners looking for coverage against termite damage.
Builder Warranties
Sometimes, new homes can include termite protection within the builder warranties. This can include structural damage caused by these pests within a limited timeframe after construction.
Specialized Termite Insurance
Dedicated termite insurance policies may be offered by some insurers. However, this policy usually requires annual termite inspections and proof of termite treatment.
Add-Ons
Some providers now offer optional extensions for insect and pest damage. It’s important to note, though, that coverage is quite limited and under specific conditions.
Conclusion
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!
