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. Homeowners can expect to pay between $300-$800 per year for termite insurance policies.
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?
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?
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.
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.
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.
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.
Conclusion: 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!
