Our insurance company has informed us that the area where we are going to purchase property is listed as a sinkhole area. What does this mean? What can we do about it? Should we buy in that area?
Sinkholes are a common problem in Florida; many homeowners find that their homes are in an area that has developed sinkholes or are prone to develop sinkholes. If a sinkhole does form under or near your home, it could be a danger to your foundation. Sinkholes can open voids beneath the foundation of your homes, which causes them to sink or settle. Besides being a hazard to the safety of you and your family, sinkholes can also cause problems when it comes to such things as insurance. Insurance providers may deny coverage to someone if their home is in an area containing sinkholes or an area that is likely to develop sinkholes. This means that a sinkhole in close proximity to your home may prevent you from receiving the insurance that you want.
Current laws in Florida require that insurance companies provide catastrophic ground collapse coverage, but depending on the specific criteria, this may not include sinkhole damage. However, specific sinkhole coverage is now available for many situations. All insurance companies vary in the amount of coverage and the individual requirements. For this reason, it is a good idea to shop around to find the package that best suits you and your home.
There are no ready references on sinkhole prediction or risk assessment. This means that it is hard to accurately determine risks and form legislation or industry standards on the issue. Many insurance companies rely on regional maps that show zones of sinkhole occurrences and are based on local geology as well as historical sinkhole activity, or possibly private sinkhole data. When trying to decide whether or not you should purchase property on a sinkhole area, consider what kind of insurance is available to you and determine if the benefits outweigh the risk. If a sinkhole does happen to form on your property, contact the expert sinkhole repair team at Foundation Professionals of Florida. We provide quality solutions for all of your sinkhole issues.