How much is sinkhole insurance in Florida?
Asked by: Ruthe Satterfield | Last update: August 25, 2022Score: 4.2/5 (37 votes)
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.
How much does it cost to add sinkhole to insurance 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.
How much is a sinkhole inspection in Florida?
They first require you to buy at your expense an inspection to determine if there is any sinkhole activity on your property. This generally runs around $200.
How much does it cost to repair a sinkhole in Florida?
Underpinning a home with sinkhole damage may cost $10,000 to $20,000. Compaction grouting, a more durable and costly method, could cost up to $100,000. Translation: With a 10 percent deductible, a homeowner would have to pay $30,000 out of pocket to fix a house valued at $300,000 before any insurance kicks in.
What is the state of Florida doing to protect homeowners from sinkholes?
Current Florida law requires that insurance companies provide catastrophic ground collapse coverage that insures in the event a sinkhole abruptly forms as a visible hole at land surface under an insured structure and damages it based upon specific criteria defined by Florida Statute 627.706.
All About Sinkhole Coverage | Tower Hill® Insurance
Where are the most sinkholes in Florida?
Sinkholes are particularly common in the Florida counties of Pasco, Hernando and Hillsborough—known collectively as the state's "Sinkhole Alley."
Is sinkhole insurance mandatory in Florida?
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.”
What part of Florida has no sinkholes?
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. The map shows a significant cluster of sinkholes in the Pierson area.
What are the 3 types of sinkholes?
The three major types of sinkholes know to us are Solution, Cover Collapse and Cover Subsidence.
Can you fill a sinkhole with concrete?
Most experts recommend filling minor sinkholes with concrete and dirt. First, pour concrete into the bottom of the sinkhole to create a hard, stable surface. The purpose of the concrete is to prevent the sinkhole from further deteriorating.
Can sinkholes be fixed?
They can have various shapes and sizes and can grow or deepen either slowly or rapidly. In many cases, sinkholes can be repaired by the homeowner. Before any remediation work is done, the extent and cause of the sinkhole should be determined.
Are there warning signs before a sinkhole?
Monitor the Inside of Your Home For Sinkhole Warning Signs
Cracks appear in walls, especially over doorways, windows or where walls meet ceilings. Cracks open in vinyl or ceramic tile over a concrete floor. Windows that used to open and close easily suddenly begin to stick or won't close completely.
What do you do after a sinkhole?
- If you are in a public area:
- Evacuate immediately.
- Do not get too close to the sinkhole.
- Call emergency services if the hole is large and a risk to others.
- Raise awareness of other members of the public and ensure that others do not enter the area of and around the sinkhole.
- If you are in a residential area.
How do you repair a sinkhole in Florida?
Compaction grouting is the only proven method of repairing a sinkhole and stabilizing the soil. The process involves drilling holes in the ground to access the underground cavities. Casings are then inserted, and a grouting compound is injected into the voids, to fill voids and stabilize the soil.
What is a sinkhole exclusion?
This practice comes from the fact that when homeowner's insurance policies are priced, the real estate value of the land is excluded. In other words, the property is insured for what it would cost to rebuild or repair the home without considering land costs.
What is the difference between sinkhole coverage and catastrophic ground cover collapse?
Coverage Comparison
Sinkhole coverage provides more comprehensive coverage than Catastrophic Ground Cover Collapse. If the property suffers foundation cracks or other damage caused by sinkhole activity, meaning it is still habitable but just needs repairs, it will be covered with sinkhole coverage.
What state has the most sinkholes?
According to the U.S. Geological Survey, the most damage from sinkholes tends to occur in Texas, as well as Florida, Tennessee, Alabama, Kentucky, and Pennsylvania.
How deep are sinkholes in Florida?
Sinkhole Zones in Florida
Zone 2 (Green): This region has permeable sand that varies in thickness from 20 to 200 feet. It mainly consists of small cover subsidence. Zone 2 cities include Fort Lauderdale, Port St.
How often do sinkholes occur in Florida?
HOW MANY SINKHOLES OCCUR IN FLORIDA? The state Office of Insurance Regulation says reported claims from sinkholes have risen in recent years. More than 2,300 claims were reported in Florida in 2006 but that figure jumped to almost 6,700 claims in 2010.
Where is sinkhole alley in Florida?
Sinkhole Alley is located in the counties of Pasco, Hernando and Hillsborough in the west central area of Florida.
When was the last sinkhole in Florida?
On July 14, 2017, a giant sinkhole appeared in Land 'O Lakes, Florida, a community just north of Tampa in Pasco County. The sinkhole opened beneath a boat and was the size of a small swimming pool.
What part of Florida is the safest from sinkholes?
But as terrifying as that sounds and the fact that Florida is arguably the world's capital of sinkhole activity — the Tampa area is nicknamed “Sinkhole Alley” — Orlando is one of the state's safer zones to set up shop, when it comes to avoiding catastrophic sinkholes.
Who is responsible for sinkholes?
If a sinkhole occurs on private property, it is the homeowner's responsibility and they will need to check whether the cost of any damage and repairs related to it can be claimed as part of their 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 progressive offer sinkhole coverage?
This is an endorsement or rider that may be added to your current policy that extends coverage to include damage from sinkholes. Your sinkhole coverage may extend to personal property located within your damaged dwelling at the time of the loss.