1 Allergic reactions to mold are the most common health effects of mold. 2  Mold allergy symptoms and signs include. 3  wheezing, 4  rash, 5  watery eyes, 6  runny nose, 7  itchy eyes, 8  coughing, 9  redness of the eyes. 10  The best way to prevent mold in the home is the control of moisture.