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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: Expands water damage coverage to include drain, sewer and sump-pump backups.
That issue was one of the reasons cited by insurance companies leaving Florida according to the Insurance Commissioner Michael Yaworsky. [37] In August 2023 FOIR announced that Mainsail Insurance Company from Texas was approved to operate in Florida. They also disclosed that 280,000 of Citizen's policies were approved for assumption by several ...
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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.
This optional sinkhole insurance typically costs between $2,000 and $4,000 a year. It’s not cheap — but before tossing this coverage aside, remember that sinkhole losses can be substantial.
The Red Lake sinkhole in Croatia. A sinkhole is a depression or hole in the ground caused by some form of collapse of the surface layer. The term is sometimes used to refer to doline, enclosed depressions that are also known as shakeholes, and to openings where surface water enters into underground passages known as ponor, swallow hole or swallet.
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