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For example, replacing vinyl siding with more durable fiber-cement siding slightly reduced our premium. Keep in mind, your homeowners insurance won’t cover you for normal wear and tear, like rotted siding. Matching siding coverage is meant to help you if your original siding that’s damaged is discontinued. Asbestos-cement siding is a type of siding made from a mixture of Portland cement reinforced with asbestos fibers. While asbestos is fireproof and can help limit or stop the spread of fire, the asbestos was actually added to the cement as a binding agent to lend strength to the material.
Does anyone know which insurance companies may insure for it? You do have a legal obligation to disclose known asbestos in your home, but buyers should know that asbestos tiles are common in older homes. Cement asbestos floor tiles are only dangerous when particles can be inhaled, so your potential buyer may agree that leaving the floor undisturbed is the best option when dealing with asbestos.
Can You Get a Mortgage if there is Asbestos?
In recent years, there has been an increased awareness of the dangers of asbestos exposure, and many insurance companies have begun to exclude coverage for asbestos siding from their policies. In the photo above, a 1920s house was resided with asbestos-cement siding, likely sometime in the 1950s. You can see the earlier “novelty” wood siding at the area where there is missing and damaged asbestos siding.
Your home insurance probably won’t cover removing asbestos, but your home’s policy might pay for removal if the asbestos gets damaged in a covered situation. For renters, you’ll have to rely on your landlord to protect the property from asbestos, although damaged asbestos could give you a reason to consult a lawyer or break your lease. However, you might get coverage to remove asbestos if your home gets damaged by a covered situation that releases the harmful asbestos in the air. If a seller is aware of asbestos siding, especially if the siding is in bad shape, they may adjust their asking price downward to account for the future cost of removal or repair. Removing the asbestos-cement siding, in addition to the health hazards involved, only adds more work to your project and will cost that much more.
What is asbestos?
Termite abatement should be handled by a skilled professional for reasons of safety and effectiveness as well as for the sake of adequate documentation. If a termite inspection reveals evidence of termite damage but no live insects, the home will still be considered infested unless there is proof of prior treatment. It is to your advantage, as a seller, to have a termite infestation professionally treated before selling your termite-damaged home. If you decide to spring for a house with asbestos siding, you can set up an asbestos inspection to assess the potential hazard. Most real estate contracts include an inspection contingency that allows buyers to look into the condition of a home before following through on the purchase. If asbestos or another red flag is discovered, you can either back out of the deal or try to negotiate with the seller to cover the cost of repairs.
If you need 1,000 square feet of siding replaced, the price will be roughly 8,000 dollars. As previously stated, asbestos siding can be removed from a home. The removal of asbestos siding, however, is a difficult task. It necessitates a surprising amount of expertise and knowledge. Write an inspection contingency into your offer and order an inspection to detect asbestos siding and determine whether it needs to be repaired. No federal law prevents homeowners from removing asbestos siding from a privately owned and occupied residence.
Do I Have to Remove Asbestos for a Buyer?
It consists of toxic material particles that are meant to enable it to resist heat, giving it a heat-resistance advantage over other building materials. That said, if a surveyor suspects that the building contains asbestos, it should feature in their report. Any instances discovered will be reported as asbestos-containing materials . If a claim is made involving potential asbestos damage, we appoint a specialist licensed expert to test the damaged area and authorise, where required, the removal of any damaged asbestos. This could entail sealing off the affected area, or even in some cases arranging alternative accommodation for the occupants until the area is cleared. Asbestos is comparatively widespread in buildings in the UK, and there’s a reasonable risk of it showing up in properties built pre-2000.
Although often benign, it can be dangerous in certain circumstances, and may require professional removal. For the last two options, it might be a good idea to get a quote for asbestos removal. This will help you to understand which option saves you more money in the sale. You are not legally required to provide an asbestos test for an interested buyer.
Pros and cons of asbestos siding
Asbestos siding can appear to be identical to ordinary cement siding. There’s, however, no need to reject a property just because it has asbestos siding if everything else about it is perfect. Professional help may be costly, but it’s well worth avoiding a potentially serious risk to your health. Be mindful of the dangers of inhaling asbestos fibers during or after DIY removal and strongly consider hiring an asbestos-certified contractor to do the job. However, the EPA has strict regulatory guidelines governing the removal of asbestos.
It will typically cost $7,500–18,000 depending on the scope and size of the project. Even for minor jobs involving asbestos, the EPA and Consumer Product Safety Commission strongly recommend hiring a professional trained in the safe handling of asbestos materials. In places where the housing inventory is older, and asbestos is a common issue, the presence of asbestos siding may not have as much bearing on resale value as you might think. Prior to the job, you may need to order a pre-removal inspection to confirm the presence of asbestos and the approximate amount that will need to be removed. On the downside, there’s a risk of damaging the original cement shingles when nailing on the new insulation and siding.
But asbestos is a dangerous substance; it is toxic and a carcinogen when it becomes airborne. Thousands of people die each year from diseases caused by or related to asbestos exposure. Because of its electrical insulation and thermal resistance, it’s been used as a building and insulation material for many years. Going back even further into history, however, reveals that asbestos materials were used in pottery from the Stone Ages. You can use as many electric appliances as your electric current can carry without any worry about electric shock in a house with asbestos siding.
If you’re determined to do your own asbestos siding removal, you’ll need to adhere to state and local guidelines, including submitting any required notices, fees, and waste disposal records. In certain circumstances, like if you’re removing asbestos siding from a rental property you own, you may be able to write off a portion of the cost from your tax bill. In that case, you might want to enlist the help of a local agent with knowledge of what to look for when dealing with homes built before 1990. Just don't go breaking it up or trying to remove it and you'll both be fine. Ended up going with American Family for the best coverage per price.
Just because it looks like asbestos siding doesn’t mean asbestos is actually mixed in. In addition to being durable (it’s not susceptible to rotting or insects), asbestos’ unique composition added a degree of fireproofing and insulation to building materials. If you can prove that your siding is something beside asbestos, be sure all documentation makes it to your insurance, and that is documented on your policy. If it is asbestos, you should have a talk with your real estate agent, and possibly lawyer. Despite some inherent advantages to asbestos-cement siding, and despite the inherent dangers of disturbing it through removal, some homeowners insist on removing it.
The process of covering asbestos siding involves adding a vapor barrier and extra layer of insulation on top of the original siding and then placing new siding over it. Covering asbestos-cement with another siding material can cost $5–12 per square foot. The final price will depend largely on the type of siding you install. Not all siding companies added asbestos to their cement products.
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