How much does sinkhole insurance cost in Florida?
Sinkhole insurance, like coverage for earthquakes, is often expensive. In some Florida counties with a history of sinkholes, sinkhole insurance may cost around $2,100 per year — more than the average homeowners insurance policy in the state.
Is sinkhole insurance worth it in Florida?
How much does sinkhole insurance cost? If you live in Florida or another area prone to sinkholes, then sinkhole insurance may be worthwhile — though expensive. Sinkholes are impossible to predict, though some areas are more likely to have them than others.
Can you buy sinkhole insurance in Florida?
All insurance companies licensed in Florida must “offer” sinkhole coverage, however an insurance company’s willingness to actually provide sinkhole coverage is contingent upon the characteristics of the ground structure beneath your home.
What is Florida sinkhole coverage?
Florida law, which defines a “sinkhole” as “a land form created by subsidence of soil, sediment or rock as underlying strata are dissolved by groundwater,” only requires insurance companies to cover “catastrophic ground cover collapse.”
Do I need sinkhole insurance TN?
Sinkhole insurance is not mandatory in Tennessee and some companies do not automatically provide that form of coverage. Homeowners’ insurance companies also must closely review Tenn. Code Ann. § 56-7-130 upon the receipt of a sinkhole claim to ensure that they are complying with the statute’s express terms.
Should I get sinkhole coverage Pa?
Mortgage companies require homeowners to protect their assets with suitable home insurance policies, but most do not require the inclusion of sinkhole insurance.
Does earthquake insurance cover sinkholes?
Usually, earthquake insurance does not cover damage to your land, such as sinkholes from erosion or other hidden openings under your land. You may be able to buy limited additional coverage to restore or stabilize land. Earthquake insurance does not cover damage to your vehicles.
Does USAA cover sinkholes?
To complicate and delay matters further, USAA has now elected to retroactively apply the changes to the sinkhole laws enacted in May 2011 under Bill 408. This decision applies to many of their claims made even before the law changed.
Does homeowners insurance cover sinkholes in Tennessee?
Every insurer offering homeowner property insurance in this state shall make available coverage for insurable sinkhole losses on any dwelling, including contents of personal property contained therein, to the extent provided in the policy to which the sinkhole coverage attaches. Tenn.