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Florida is one of the only states that requires insurers to offer coverage for sinkholes. But is sinkhole insurance included in homeowners' insurance?
In Florida and Tennessee, home insurers must make sinkhole insurance available. Water backup: ... Remember that expensive items might require a scheduled-item endorsement. Loss of Use.
Citizens became not just the insurer of last resort, but the insurer of only resort for many Floridians. As of 2005, Florida owed almost $5 billion, which would be recovered through insurance policy assessments. [7] The cost of insurance and its availability became an important "hot button" issue in Florida, especially in the 2006 elections.
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But although sinkhole insurance will cover the same things as a typical homeowners insurance policy -- when it comes to damage -- many homeowners have opted out as premiums have skyrocketed.
Sinkholes. Mold. Pests like rodents or termites. Property damage caused by pets. ... the average cost of home insurance in the United States is approximately $2,153 per year for $300,000 in ...
This optional sinkhole insurance typically costs between $2,000 and $4,000 a year. ... Blount said her sinkhole remediation project has cost between $300,000 and $400,000 — well beyond her ...
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