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In most cases, homeowners insurance doesn't cover asbestos abatement. Insurance policies frequently exclude coverage for pollutants, contaminants, and hazardous materials, which include asbestos. It's considered a pre-existing condition in homes built before its ban, so removal is seen as a maintenance expense rather than an insurable loss. There may be an exception if the asbestos-containing materials are disturbed due to a covered event, such as fire or storm damage. Some policies may cover the abatement as a part of those repairs.

Since the EPA partially banned asbestos use in 1989, it is not commonly used in siding in the United States. Many other countries, such as Iceland, Canada, and Denmark, also have bans on asbestos. However, asbestos siding is still present in homes built before the late 1980s. Remember, the only surefire way to know if your home or siding contains asbestos is to have it lab-tested by a professional. 

It can be safe to live in a house with asbestos as long as the asbestos-containing materials are in good condition and not disturbed. Asbestos is only dangerous when it becomes airborne, which happens if the material is damaged, crumbling, or disturbed during renovation work. If you suspect asbestos is present, it's important not to disturb it and to have it professionally inspected.

Homeowners’ insurance doesn’t often cover the cost to remove asbestos siding, which averages about $2,900. Insurance policies treat the removal of asbestos siding as regular home maintenance, which insurance doesn’t cover. If your siding suffers damage in a storm, though, it’s possible the insurer may cover the replacement cost, even if the damaged siding contains asbestos.