How much is sinkhole coverage in Florida?
What Does Sinkhole Insurance Cost? A sinkhole homeowners insurance endorsement in Florida can seem expensive at first. Most policy quotes range from $2,000 to $4,000 a year and can come with a high deductible.
Is sinkhole covered by homeowners insurance?
A standard homeowners insurance policy excludes “earth movement,” including sinkholes. That means you won’t be covered if a sinkhole damages your house or belongings. You can often find sinkhole coverage as an endorsement (sometimes called a rider) to a homeowners insurance policy, depending on your insurance company.
How important is sinkhole insurance in Florida?
Florida Sinkhole Insurance Explained Florida sinkhole insurance can help rebuild or repair your home using replacement cost or market value coverage, as well as pay to repair or rebuild other structures on your property like a fence or detached garage, and replace your personal belongings.
What is sinkhole coverage?
Sinkhole insurance is a special insurance policy that covers your home and personal belongings from sinkhole damage. Sinkhole insurance also pays to stabilize your home’s land and covers the cost of repairing your foundation.
What part of Florida has the most sinkholes?
Sinkholes can form anywhere in Florida, but the highest activity level occurs in west central Florida because of the karst limestone environment. There are several influences that increase the risk of sinkhole activity such as long-term weather conditions, heavy acidic rains, and drought-like conditions.
Do I need sinkhole coverage in Florida?
Florida has more sinkholes than any other state in the nation. Not all homeowners’ policies provide coverage for damage to your home resulting from sinkholes. However, Florida law does require insurance companies to cover “catastrophic ground cover collapse.”
Is sinkhole insurance expensive 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.
Do you need sinkhole coverage in Florida?
What part of Florida has no sinkholes?
Only two sinkholes have been recorded in the county historically, according to the Florida Department of Environmental Protection. Fewer sinkholes are located on the east coast of Florida. Reported sinkhole have opened up in the DeBary, Deltona, DeLand and De Leon Springs areas, generally near U.S. 17-92.
Is it safe to live in Florida with sinkholes?
Technically, no. The entire state of Florida is underlain with carbonate rocks, therefore, sinkholes could theoretically appear anywhere. However, some areas definitely have higher risk of sinkhole development than others.
How much is sinkhole insurance?
The cost for sinkhole insurance tends to be on the high end. In Florida, the yearly premium for a sinkhole insurance policy averages between $2,000 to $4,000 dollars. Sinkhole insurance often has a high deductible attached as well.
Do I need sinkhole coverage?
Without this additional coverage, sinkhole damage is frequently not covered. If your home or business is destroyed by a sinkhole and you do not have a sinkhole insurance policy, you will receive no compensation for your losses. This is a financial hit that most families cannot manage. Cars need coverage, too.
Is sinkhole insurance necessary?
Depending on the mandates instituted by state regulators, you can obtain sinkhole coverage as an endorsement to a property insurance cover or a stand-alone policy. Numerous homeowners insurance policies provide special endorsements for sinkhole coverage. Without the extra coverage, sinkhole damage is often not covered.
What is a sinkhole insurance claim?
Sinkhole insurance is add-on coverage for your home insurance policy . It covers sinkhole damage to your home, contents, and property. Preventative measures, such as structural reinforcements, are covered by sinkhole insurance as well. The rider may also cover additional living expenses. Florida has the highest number of sinkhole claims in the country.