Sinkholes can happen at any time and usually without very much warning. This is a reality that homeowners have to deal with. Though it is very, very unlikely that your home will ever be damaged by a sinkhole, it is nice to know whether or not you can count on your insurance company to cover the damage, just in case you do experience this kind of tragedy. Whether or not you are covered will vary from insurance company to insurance company. If you are looking at your policy, you will want to look for something called “catastrophic ground cover collapse.” This phrase is what insurance companies use to indicate a sinkhole.
In Florida, all home insurance companies are required to offer coverage for catastrophic ground cover collapse. They are required by law to offer protection specifically for an instance in which the ground cover suddenly collapses, when there is a depression in the ground that can be seen, when either of these two things causes damage to a building (structural damage), and especially when a structure has been condemned or when it has to be vacated due to the damage caused by the catastrophic ground cover collapse.
How do you know if you have sufficient coverage for this natural disaster? A good policy would cover your residence, the attached or detached structures, the belongings in any of those structures, the living expenses that are generated because of a sinkhole, any personal liability you might have, and any medical expenses that are a result of the sink hole.
When is a sinkhole not covered by insurance policies in Florida? While most sinkholes will be covered, there are instances in which normal ground settling, which causes a visible depression or damage to a structure might not be covered. It is fairly common to see damage to foundations and walls of homes that were built without proper support or on soft ground that settles unevenly under the weight of the house. This is ultimately different from a sinkhole and may not be covered by your home insurance policy.
We will work with you to make sure that you are covered for all eventualities and tragedies. For more information about home insurance policies, or to have your policy reviewed for free, contact us today.
