Asbestos is super bad and can cause cancer - you should try to avoid it.
Heaps of older Aussie buildings have asbestos in them, which can be a problem when renovating.
Unfortunately, most home insurance policies will not cover damages or liability related to asbestos.
What is asbestos?
Asbestos is a material which was used widely in building and manufacturing before the 1980s. While asbestos was considered affordable and durable decades ago, we now know that direct exposure to asbestos is very dangerous. Several types of cancer have been linked to asbestos exposure, as well as other diseases such as mesothelioma and asbestosis.
The good news is asbestos was thankfully banned in Australia in 2003. The bad news is it's still present in a tonne of older homes and buildings. That causes issues for home renos, as well as for home insurance.
How can I protect my home from asbestos?
If you reckon you've got asbestos in your home, don't immediate flip. As long as it's left undisturbed, asbestos is relatively harmless. However, if you have a home which was built before 1990 or are thinking about buying a home from that period, you should get an asbestos survey from a licensed assessor. It may even be a government requirement before any renovation or demolition.
The survey will help you identify if asbestos is there and the condition it's in, as well as offering guidance on how to manage the risk. If you're uncertain whether certain products in your home contain asbestos, you should always treat them as if they do. That basically means leave them alone, unless you're getting it properly removed.
On the subject of removal - safely removing asbestos is complicated and highly regulated. You'll need to get a licensed builder in to do the work and dispose of it legally. There are massive penalties if you skip this step. Also there's that risk of cancer we talked about.
Why doesn't home insurance cover asbestos removal?
Asbestos is in around one third of Aussie homes. If insurance companies paid for asbestos removal in all of them, premiums would skyrocket. So instead, insurance companies generally rule out any asbestos-related costs.
There is one exception to this. If part of your home needs to be repaired due to a different claim that has been accepted, your insurance company should cover the proper removal of this asbestos. However, they'll only remove the asbestos from the area of the home that needs repairs.
Does that mean home insurance isn't worth it? Well, no. Home insurance still covers a tonne of useful stuff, including flood, fire and storm damage. Asbestos isn't the only thing threatening your place. Compare home insurance for free here.
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Frequently asked questions
Up until the mid-1980s, Australia had one of the highest rates of asbestos use per person in the world and it's estimated that more than a million homes were built using asbestos sheeting. Even more Australian homes contain asbestos in less obvious ways. Asbestos is also commonly found in the eaves, in textured paint on walls and ceilings and as insulation for hot water systems.
Most home insurance policies won't cover any damages or liability related to asbestos, though if asbestos is exposed due to an insured event, you might be in with some luck. As an example, if your insurer has been made aware that there is asbestos in your roof and during a storm a tree damages the roof, you might be covered. This is quite rare so always remember to check with your insurer to see if it will cover your individual circumstance.
Nicola Middlemiss is a contributing writer at Finder, with a special interest in personal finance and insurance. Formerly a business and finance journalist, Nicola has written thousands of articles helping Australians better understand insurance and grow their personal wealth. She has contributed to a wide range of publications, including Domain, the Educator, Financy, Fundraising and Philanthropy, Insurance Business, MoneyMag, Mortgage Professional, Yahoo Finance, Your Investment Property, and Wealth Professional. Nicola has a Tier 1 General Insurance (General Advice) certification and a Bachelor's degree from the University of Leeds. See full bio
Nicola's expertise
Nicola has written 237 Finder guides across topics including:
Personal finance
Personal insurance, including car, health, home, life, pet and travel insurance
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