The Bradenton Herald recently ran a piece that outlines just how complex the worries homeowners with Chinese drywall have when looking towards the future. While the health effects of the toxic wallboard are not fully understood, and the money to fix the problematic homes is often not yet available, still other troubles may loom. With the great risk of claims emerging from the faulty homes, insurance companies still might bail when policy holders need them the most.
The Herald reports
Aside from health concerns and displacing homeowners, toxic drywall can cause roadblocks in homeowners’ insurance policies. In most cases, insurance companies are likely to reject claims over Chinese drywall and, in some circumstances, insurers will not renew policies.
“That’s scary because those of us affected by it are already stuck in a bad spot between our mortgage and not being able to live in a home that was paid for,” said Lakewood Ranch resident Kristin Culliton, who has a class action lawsuit pending against Taylor Morrison over Chinese drywall confirmed in her home in March 2008.
Culliton said her insurance policy through Nationwide was renewed in September, but she realizes she could be at risk of cancellation.
“It’s one more thing to worry about,” Culliton said.
While there is little to do but wait and see, tension is high on the matter and there is little that can put homeowners at ease on the matter until resolutions begin to come through.