With all of the sinkhole hysteria in the news, we thought now would be a good time to bring some information to light. The reality is that it is becoming more and more difficult to obtain sinkhole insurance in the state of Florida. It is important to note that many Florida property insurance companies no longer offer coverage for sinkholes. All Florida authorized insurance companies are required to cover Catastrophic Ground Coverage Collapse, which accounts for very few ground subsidence situations. One should also know that many Florida companies do not offer any form of property insurance for any insured or property that has had previous sinkhole claim activity, whether repaired or not.
Strategic Insurance Services does represent one authorized insurance company who, in certain situations, will offer true sinkhole coverage with a 10% deductible, without having to go through the hassle of having a sinkhole inspection. We also have solutions available for insureds who have experienced sinkhole claim activity on their property. This policy is offered on a standard HO-3 policy form with exclusions for sinkhole and for Catastrophic Ground Coverage Collapse, but in our experience few other options exist.
If you are a property owner and are looking for sinkhole coverage, or if you have had a claim involving sinkhole activity and are looking for insurance on your property, we would welcome the opportunity to speak with you . Feel free to leave comments or call our office at 727.213.1890