You’ll need all the help you can get. Make sure your insurance is in good order.
Fire recovery costs
Fire damage includes water damage from fire-fighting efforts, on top of smoke damage. Even small fires that don’t result in a structure’s destruction often result in damage requiring extensive repairs and construction.
Studies of actual fire restoration projects indicate that many run from $6,000 to more than $9,500, with the average running just under $8,000. Bear in mind that this data includes modest and larger homes. Where a project falls within this range (or outside it) depends upon the extent of the damage and the value of the property.
The takeaway here is, again, that you want to make sure you’re adequately protected with insurance.
Flood recovery costs
Flood recovery costs include costs for removing standing water, as well as those for repair of water damage. Cleaning up after floods can be further complicated by the presence of chemical and biological contaminants in the water, which pose significant health risks. Toxic mold can also result from flooding, posing significant obstacles to recovery.
Homeowners spend between $2,500 and $3,500 for water removal and an added $2,000-$3,000 to repair water damage. So the cost of recovering from a flooded basement could run between $4,500 and $6,500, if everything goes just right and not including abatement and remediation costs if mold sets in. And remember, these costs can vary greatly. This just gives you a picture of how costs can mount from even a modest water incursion.
“Know this: If you experience a disaster that significantly damages your home or business, it will cost a lot to recover. You’ll need all the help you can get. Make sure your insurance is in good order.”
Mold remediation costs
Mold spores can cause respiratory and other health issues, especially to people with vulnerable immune systems or breathing disorders. Because mold hides in dark, moist places, it can be difficult to completely find and eradicate the threatening fungus. So it’s difficult to find mold in a structure, remove it completely and certify its eradication. And costly.
Depending on the scale of infestation and type of mold, it can cost up to $30,000 to completely eradicate a moderate mold infestation. Think of mold creeping its way through the ducts in your home or business after establishing itself in attic corner with an unnoticed leak. It becomes a big problem, fast. Even a small infestation will likely cost more than $1,000 to eradicate.