Having the earth suddenly open up and swallow your home is a terrifying thought for any homeowner. Although most common in areas such as Florida, a sudden hole forming in the ground does occasionally happen. If you are considering adding sinkhole coverage to your homeowner’s insurance and you are looking for information about it, then you have come to the right place at Global Public Adjusters Inc. Sinkholes are rare, but they do occur, and they can be absolutely devastating. It is always best to air on the side of caution and make sure you are protected with sinkhole coverage. At GPA, we see people lose everything because their home has been severely damaged by a sinkhole and they did not have adequate sinkhole coverage. In this article, we share some information about sinkholes, and why you should add this coverage to your homeowner’s insurance.
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What is a sinkhole?
The first thing you need to know when you are deciding to add sinkhole coverage to your homeowner’s insurance is to learn about what a sinkhole is. Sinkholes are holes or cavities in the ground where water drains into the subsurface of the earth. This water drainage erodes the underlying rock layers and creates holes, caves, and depressions. Areas with limestone sublayers are the most likely to form sinkholes, though they can form anywhere. In dry areas, for example, sinkholes can form after sudden, heavy rains. Sinkholes can form as soil-filled holes in the ground or deep rocky cavities. In addition to natural formations, human processes, such as moving the earth of building a home, can cause a sinkhole to form.
Does my homeowner’s insurance cover sinkholes?
Most standard homeowners insurance policies exclude coverage for sinkhole formation. Homeowner’s policies are generally valued based on the cost to rebuild the physical structure of your home. The value of the land on which your home is built usually isn’t covered. This means that a sudden movement of that land, including sinkholes, won’t normally be covered by a regular homeowner’s policy. Some states have specific requirements for insurance providers in regards to offering sinkhole coverage as an additional coverage option for a standard policy. In the state of Florida, standard homeowner’s policies must also include coverage for a catastrophic ground cover collapse that is strong enough to make the home inhabitable.
If your current homeowner’s insurance does not cover sinkhole damage, then we recommend that you add it. You can contact our team at Global Public Adjusters Inc and have us look over your current homeowner’s policy and make recommendations for your sinkhole coverage.
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