In many of Florida’s counties such as: Citrus, Hernando, Hillsborough, Marion, Pasco, Pinellas, and Polk, what is labeled as “sinkhole coverage” is almost impossible to get. Many insurance companies have received numerous claims about sinkhole damage. These claims have cost insurance companies too much money and have caused these companies to withdraw from offering such coverage. However, in Lake and Sumter counties, sinkhole coverage can be purchase and built in to one’s homeowner’s policy.
However, there is nothing to be nervous about. What many people do not know is that in every homeowner’s insurance policy there is a section called “Catastrophic Ground Cover Collapse”. This portion of one’s policy further explains that your home is covered when the ground cover abruptly collapses, when a depression in the ground cover is clearly visible to the naked eye, and when structural damage other than settling or cracking occurs. This is what most people consider the definition of a “sinkhole”. In the counties that cannot get sinkhole coverage, if one’s home is condemned or deemed uninhabitable, their home is covered under catastrophic ground.
Sinkhole coverage may be added to a homeowner’s insurance policy in certain counties. This portion of the policy only covers cracking and settling due to the weakening of the ground around the home.
If you would like to learn more about our great Florida insurance options at Westgate-Jones Insurance Agency, please contact us today!