Sinkhole Insurance
Over the last few years sinkhole coverage in Florida has become one of the hottest topics in the insurance industry. During that time span, losses resulting from sinkhole activity have risen dramatically and made the coverage more difficult to obtain statewide. Recently, the FL Legislature passed Senate Bill 408 into law which represents the most comprehensive peice of property insurance legislation passed in the last 20 years. SB 408 has changed the way carriers offer sinkhole coverage, define sinkhole activity, and adjust claims.
It's important to know the difference between Catastrophic Ground Cover Collapse (CGCC) and sinkhole activity. CGCC is always covered on all homeowner's insurance policies throughout FL and is the sudden collapse of a structure resulting in a condemned property and total loss (Photo to the left is an example of CGCC). Sinkhole activity is settlement or systematic weakening of the earth under a building that causes structural damage without resulting in a CGCC. Because of high claims frequency the sinkhole coverage endorsement can be difficult to obtain.
Our experienced agents continually monitor the sinkhole insurance marketplace and are experts in the coverage's. We can answer any possible questions you may have related to the topic. For detailed sinkhole information please click on the "Sinkhole FAQ's" link below.
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