Sinkholes have been big news lately. We've had them in Orlando, Clermont, The Villages, Ocala and recently one in Mt. Dora. Florida insurance policies may or may not cover them depending on the policy coverage and the severity of the hole.
Myth:
Sinkhole Insurance provides coverage for your home in the event that the hole surfaces causing damage that results in the property being condemned or uninhabitable.
Fact:
Sinkhole Insurance is not the coverage that covers your home in that event. The coverage that covers your home is Catastrophic Ground Cover Collapse which is included on every homeowners insurance policy sold in Florida.
Myth:
Sinkhole Coverage is no longer available in Florida.
Fact:
Yes even though Catastrophic Ground Cover Collapse will cover your home in the event a hole surfaces and destroys it sinkhole coverage is still available. Sinkhole coverage pays for holes or pockets in the ground that have not surfaced. To obtain sinkhole coverage you would have to pay for expensive inspections just to apply for the coverage and the coverage also comes with a 10% deductible.
Please contact us for further information or questions and to recieve a free insurance review at 352-751-5454
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